Petrofac Limited: FINANCIAL RESTRUCTURING: UPDATE ON COURT PROCESS AND 2024 RESULTS TIMETABLE
|
Petrofac Limited ( PFC)
21 March 2025 FINANCIAL RESTRUCTURING: UPDATE ON COURT PROCESS AND 2024 RESULTS TIMETABLE
Court approves creditor class composition
Further to its announcement on 28 February 2025, the Convening Hearing for Petrofac’s financial restructuring took place yesterday. The court approved the creditor class composition proposed in the restructuring plan and ordered the convening of creditor meetings. Details of these meetings will be communicated to the relevant parties in due course.
The Sanction Hearing will take place between 30 April and 2 May 2025. The restructuring effective date is expected to occur shortly thereafter.
2024 results timeline
As a consequence of the restructuring effective date being expected to fall after 30 April 2025, the Group has determined it appropriate to defer the finalisation and publication of its audited annual results. It expects to publish results shortly after the restructuring effective date.
Subscription period
On 12 March 2025, the Company opened the subscription period during which secured creditors can elect to participate in the new money options available to them under the terms of the restructuring. Further information regarding this process, timing and documentation is available through Kroll Issuer Services Limited as information agent.
Further to its announcement dated 6 March 2025, the Group draws the attention of retail investors to the appointment of Jon Yorke as independent representative. Those who held shares between 7 October 2005 and 5 October 2021 and think they may have a claim that is affected by the restructuring plan, are encouraged to contact Mr Yorke, without charge, by emailing ia@pl-plan.co.uk. Doing so will not affect your legal rights.
ENDS
For further information contact:
+44 (0) 207 811 4900
David Boyd, Investor Relations Consultant
Sophie Reid, Group Director of Communications
Teneo (for Petrofac) +44 (0) 207 353 4200
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 Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | GB00B0H2K534 |
| Category Code: | MSCH |
| TIDM: | PFC |
| LEI Code: | 2138004624W8CKCSJ177 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 379695 |
| EQS News ID: | 2104144 |
| End of Announcement | EQS News Service |
|
|
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund