Petrofac Faces Restructuring Challenges After TenneT Contract Termination

Petrofac Limited has announced a significant setback in its restructuring process following TenneT's decision to terminate a 2GW programme contract immediately. The termination impacts the restructuring efforts, which had been significantly advanced by the previous week.

As a response, Petrofac's Board is actively engaging with creditors and stakeholders to explore alternative solutions. Despite these challenges, the company remains committed to serving its clients and maintaining operational capabilities across its sectors.

This development occurs amidst Petrofac's focus on key markets in the Middle East, North Africa, and the UK, aiming to sustain reliable energy service provision worldwide. Further updates on the restructuring will be communicated in due time.