Petrofac restructuring approved by courts as it looks to ‘healthy pipeline of future opportunities’
Aberdeen-based oil services firm Petrofac has had its restructuring plan approved by the High Court of England and Wales.
Petrofac
Petrofac division lands $500m in contracts but not ‘out of the woods yet’
Aberdeen-based service firm Petrofac has announced that its asset solutions division has built up $500 million in contracts in the first quarter of 2025.
Petrofac share trading to be temporarily suspended from May
Trading in the Petrofac’s shares will be temporarily suspended from 1 May 2025 after the company decided to defer publishing its audited annual results for 2024 as it pushes on with a planned restructuring.
Offshore service leaders seek leverage after a lost decade
Global services firms have been caught in a storm. Engineering, procurement and construction (EPC) focused companies have been squeezed by tough contract terms, battered by inflation and haunted by legacy commitments.
Petrofac ups restructuring plan target to $355m
Petrofac (LON: PFC) has unveiled plans to raise $355 million (£280m) in funding as part of a rescue deal that will further reduce shareholder allocation.
Petrofac reaches binding agreement with creditors on financial restructure
North Sea energy services firm Petrofac has entered into a binding agreement with key financial creditors on the terms of a comprehensive financial restructuring plan.
Near 30 workers evacuated from Irish Sea Pioneer amid storm
Petrofac (LON:PFC) has confirmed that 27 workers onboard the Irish Sea Pioneer in Liverpool Bay were evacuated over the weekend ahead of Storm Darragh.
Petrofac extends loan payment ‘forbearance’ once again
Beleaguered oil field services group Petrofac (LON:PFC) has struck a deal to delay payment to lenders another month as the debt-burdened firm continues its restructuring plan.
HSE hits Seagreen with first prohibition notice on offshore wind farm
The Health and Safety Executive (HSE) has served its first immediate prohibition notice against an offshore wind farm, Seagreen.
Petrofac further extends grace period for missed payments
Petrofac (LON:PFC) has once again extended its existing forbearance agreement on a missed interest payment with a group of lenders.
Petrofac reports net loss of $162m in half year results
In “another challenging period for Petrofac” the firm has reported a net loss of $162 million in the first half of 2024.
North Sea oil pollution ‘grossly underestimated’, report finds
North Sea oil pollution has been "grossly underestimated" due to an opaque and misleading reporting system and ineffective regulations, a report has found.
Petrofac again extends grace period with lenders over missed payments
Petrofac (LON: PFC) has extended its existing forbearance agreement on a missed interest payment with a group of lenders from 20 September to 18 October 2024.
Petrofac extends grace period with lenders over missed payment
Petrofac (LON: PFC) has extended its existing forbearance agreement on a missed interest payment with a group of lenders from 23 August to 20 September 2024.
Construction ship/pipelayer completed after 10 tough years
At last, a pipelay/construction ship ordered a decade ago by Petrofac – the JSD6000 – has been completed in China for Shanghai Zhenhua Heavy Industry shipyard (ZPMC).
Fitch deals fresh downgrade blow to Petrofac
Ratings agency Fitch has downgraded oilfield services giant Petrofac (LON: PFC) after it defaulted on an interest payment.
Update: Petrofac shares weak after trading resumes
Shares in debt-laden oil and gas services company Petrofac (LON: PFC) have fallen to new lows since they resumed trading after a month-long suspension.
Petrofac takes $505 million full-year loss in 2023
Debt-laden Petrofac (LON: PFC) has reported a $505 million net loss in its delayed full-year financial results for 2023, with the company looking to sell some of its non-core assets to provide fresh capital.
Update: ‘Breakup’ of parts of Petrofac ‘seems likely’ as firm suspends trading shares over debt woes
Analysts have warned that debt-laden Petrofac (LON: PFC) could sell off non-core assets as the company looks for fresh capital to service its debts.
Update: Petrofac shares collapse on debt warning
Shares in Petrofac (LON: PFC) have declined by more than 30% since markets opened today as the company struggles with its debt load.
Petrofac secures $350m contract with Equatorial Guinea’s national oil company
Oil and gas service provider Petrofac (LON:PFC) has secured a $350 million contract with the national oil company of Equatorial Guinea.
Petrofac debt puts it in ‘challenging financial position’
Oil and gas service provider Petrofac's (LON:PFC) efforts to restructure its debt could lead to a significant dilution for shareholders, according to an analyst.
Petrofac bags BP North Sea contract extension
BP (LON: BP) has awarded a contract extension to global energy industry services provider Petrofac (LON: PFC) to continue supporting its North Sea portfolio.
Petrofac shares dive as firm plans to sell parts of business for debt
Share prices have taken a nose dive as Petrofac has shared an update on how it aims to shift its debt as stakeholders are sent "running for the hills."
Petrofac secures contract extension with ONEgas West
Energy services giant Petrofac (LON:PFC) has secured a contract extension in the Southern North Sea with ONEgas West.