28 February 2025
FINANCIAL RESTRUCTURE: UPDATE ON COURT
PROCESS
Further to its release on 24
February 2025, a court hearing for Petrofac’s planned financial
restructuring took place today. The Convening Hearing has adjourned
to either 20 or 21 March 2025 and, recognising the urgent but
complex nature of the transaction, the court outlined its intention
to shortly set out an expedited timetable which enables the
Sanction Hearing to conclude in mid-April 2025.
The Company will
continue to update stakeholders as appropriate and in line with its
disclosure obligations, including provision of dates for the
forthcoming General and Creditor Meetings.
ENDS
For further
information contact:
Petrofac
Limited
+44 (0) 207 811
4900
Sophie Reid, Group Director of
Communications
Sophie.reid@petrofac.com
Teneo (for
Petrofac)
+44 (0) 207 353
4200
petrofac@teneo.com
NOTES TO
EDITORS
Petrofac
Petrofac is a leading international
service provider to the energy industry, with a diverse client
portfolio including many of the world's leading energy
companies.
Petrofac designs, builds, manages
and maintains oil, gas, refining, petrochemicals and renewable
energy infrastructure. Our purpose is to enable our clients to meet
the world's evolving energy needs. Our four values - driven, agile,
respectful and open - are at the heart of everything we
do.
Petrofac's core markets are in the
Middle East and North Africa (MENA) region and the UK North Sea,
where we have built a long and successful track record of safe,
reliable and innovative execution, underpinned by a cost effective
and local delivery model with a strong focus on in-country value.
We operate in several other significant markets, including India,
South East Asia and the United States. We have 8,000 employees
based across 31 offices globally.
Petrofac is quoted on the London
Stock Exchange (symbol: PFC).
For additional
information, please refer to the Petrofac website at
www.petrofac.com