Petrofac Limited: UPDATE ON FINANCIAL RESTRUCTURING
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Petrofac Limited ( PFC)
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, OR INTO ANY JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN PETROFAC LIMITED OR ANY OTHER ENTITY IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO. 596/2014 ON MARKET ABUSE, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
21 February 2025 UPDATE ON FINANCIAL RESTRUCTURING
Further to its release on 23 December 2024 announcing a comprehensive financial restructuring plan, and its subsequent market update on 25 January 2025, the Company provides the following updates:
Following the Convening Hearing, the Company will commence 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 the process, timing and documentation will be made available through Kroll Issuer Services Limited as information agent.
A Supplementary Practice Statement Letter will be made available to the Company's creditors later today. The Company will continue to update stakeholders as appropriate 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
Lynette Otiti, Senior Manager, 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 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
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under Regulation (EU) No. 596/2014 on market abuse (which forms part of UK domestic law pursuant to the European Union (Withdrawal) Act 2018) and was authorised for release by Scott Brooker, Company Secretary.
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | GB00B0H2K534 |
| Category Code: | MSCU |
| TIDM: | PFC |
| LEI Code: | 2138004624W8CKCSJ177 |
| OAM Categories: | 2.2. Inside information |
| 3.1. Additional regulated information required to be disclosed under the laws of a Member State | |
| Sequence No.: | 376912 |
| EQS News ID: | 2090041 |
| End of Announcement | EQS News Service |
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