12 April 2024
UPDATE
ON REVIEW OF STRATEGIC AND FINANCIAL OPTIONS
Further to its recent
announcements, Petrofac today provides an update
on the status of ongoing negotiations as
part of its review of strategic and financial options.
The Company has engaged
and remains in discussions with its lenders to restructure its debt
which would result in a significant proportion of the debt being
exchanged for equity in the business. It also continues to be in
discussion with prospective investors and certain major
shareholders in relation to potential further investment in the
Company and remains in negotiations with prospective purchasers
regarding the sale of non-core assets, as set out in recent
announcements. All options remain under consideration.
Management and the Board
are focussed on managing the Group’s payment obligations and
delivering a solution which supports the provision of guarantees
required for its recent contract awards, and which ensures that
Petrofac has the appropriate capital structure and liquidity to
support the strength of its US$8 billion backlog.
While the Company
continues to face challenges in securing new performance
guarantees, it is progressing discussions with credit providers and
clients to find solutions with respect to the guarantees required
for its recent contract awards.
The discussions with
lenders and other stakeholders continue at pace and further
announcements will be made as appropriate.
ENDS
For further
information contact:
Petrofac:
James Boothroyd, Head of
Investor Relations
James.boothroyd@petrofac.com
Sophie Reid, Group Head 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
8,500 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