Offshore energy company Petrofac has initiated the process of filing for administration. The firm, which employs approximately 2,000 individuals in Scotland, confirmed that its North Sea operations will continue as usual during this period. In an official statement, Petrofac announced its intention to appoint administrators for its holding company while also exploring various restructuring alternatives.
The administration process is intended to focus on preserving the company’s value, operational capabilities, and ongoing services. This decision follows the termination of a significant offshore wind contract by Dutch grid operator TenneT, which may have contributed to Petrofac’s current financial situation.
Petrofac operates UK offices in Aberdeen, London, Woking, and Greater Yarmouth, and it has indicated that further details regarding the administration process will be shared in the near future. The company, which was established in Texas in 1981, has been working on financial restructuring efforts over the past year.
Source: https://www.bbc.com/news/articles/cg51z1gdj7vo?at_medium=RSS&at_campaign=rss