REG-Petrofac Limited Petrofac Limited: Update on strategic and financial options

PetrofacAnnouncement

12/04/2024 07:00

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   Petrofac Limited ( PFC)
   Petrofac Limited: Update on strategic and financial options

   12-Apr-2024 / 07:00 GMT/BST

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   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
    1 James.boothroyd@petrofac.com

   Sophie Reid, Group Head of Communications
    2 Sophie.reid@petrofac.com

   Teneo (for Petrofac):
   +44 (0) 207 353 4200
    3 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
    4 www.petrofac.com

    

    

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB00B0H2K534
   Category Code: STR - Petrofac
   TIDM:          PFC
   LEI Code:      2138004624W8CKCSJ177
   Sequence No.:  315153
   EQS News ID:   1878917


    
   End of Announcement EQS News Service

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    5 fncls.ssp?fn=show_t_gif&application_id=1878917&application_name=news&site_id=refinitiv

References

   Visible links
   1. mailto:James.boothroyd@petrofac.com
   2. mailto:Sophie.reid@petrofac.com
   3. mailto:petrofac@teneo.com
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=9fe21fdf68d48cc06116e9fe9587a1c8&application_id=1878917&site_id=refinitiv&application_name=news


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