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Petrofac files for administration putting 2,000 jobs at risk
(Sharecast News) - Troubled oil services firm Petrofac on Monday filed for administration, putting 2,00 jobs at risk. The company said the administration applied to its holding company while operations continued to trade as it looked for alternative restructuring and M&A options with its key creditors.
Major customer TenneT terminated its relationship over a 2GW energy programme in the Netherlands.
Shares in the company have been suspended since May after the company admitted it would be forced to delay publication of its annual results.
The energy services firm was rocked by significant cost overruns at a troubled clean fuels project at a Thai Oil refinery, prompting it to seek fresh funds and a launch a company-wide restructuring at the end of last year.
In September, it finally reached an agreement in principle with creditors Samsung E&A and Saipem, after months of legal disputes.
It earlier this month it had made "very good progress towards implementation" of the company overhaul, although it also acknowledged there would be no residual value for existing shareholders once it completed, likely at the end of November.
Reporting by Frank Prenesti for Sharecast.com
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