Petrofac Limited: Restructuring and business update
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Petrofac Limited ( PFC)
PETROFAC LIMITEDRestructuring and business update Petrofac today issues an update on its Restructuring Plan and the progress of the business in the six months ending 30 June 2025. Restructuring update
First Half Business highlights
Tareq Kawash, Petrofac’s Group Chief Executive, commented: “The agreement of stakeholders to extend the Lock-Up demonstrates their support for the work underway to address the narrow grounds on which the Court of Appeal upheld the challenge to our Restructuring Plan. While the need for the balance sheet restructuring remains clear, the commitments formalised today give me confidence that we can deliver a successful outcome. “Petrofac’s operational capability remains intact, and the business continues to deliver for its clients. We have secured new contract awards and have a strong pipeline of future opportunities. This is in no small part thanks to the dedication of our people, and the continued support of our clients and suppliers. Following a prolonged period of challenge for the Group, I am more focused than ever on delivering the best possible outcome for all stakeholders.” ENDS
Disclaimer: This announcement contains forward-looking statements relating to the business, financial performance and results of Petrofac and the industry in which Petrofac operates. These statements may be identified by words such as "expect", "believe", "estimate", "plan", "target", or "forecast" and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those expressed in these statements and neither Petrofac nor any other person accepts any responsibility for the accuracy of the opinions expressed in this presentation or the underlying assumptions. No obligation is assumed to update any forward-looking statements.
For further information contact: Petrofac Limited +44 (0) 207 811 4900
David Boyd, Investor Relations
Sophie Reid, Group Director of Communications
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 7,300 employees based across 31 offices globally.
Petrofac is listed on the London Stock Exchange (symbol: PFC) trading in Petrofac shares is currently suspended pending publication of the Groups Full Year 2024 Audited Accounts.
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.: | 397631 |
| EQS News ID: | 2178042 |
| End of Announcement | EQS News Service |
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