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Petrofac secures extension to lock-up agreement
(Sharecast News) - Petrofac announced on Friday that it has secured an extension to its lock-up agreement with creditors and investors until 30 November, reinforcing stakeholder support for its ongoing restructuring efforts following a legal setback last month. The engineering and energy services group, whose shares remain suspended from trading on the London Stock Exchange, said its board was actively progressing multiple avenues to deliver a restructuring plan that addresses the limited grounds on which the UK Court of Appeal rejected its previous proposal on 1 July.
Petrofac also confirmed it would apply to the Supreme Court for leave to appeal the judgment.
Chief executive Tareq Kawash said the extension "demonstrates [stakeholder] support for the work underway to address the narrow grounds on which the Court of Appeal upheld the challenge to our Restructuring Plan".
"While the need for the balance sheet restructuring remains clear, the commitments formalised today give me confidence that we can deliver a successful outcome."
Despite financial constraints, Petrofac reported that all business units continued to execute contracts in the first half of 2025, with revenue and EBIT expected to be significantly ahead of the prior year.
The engineering and construction division secured two major new contracts with ADNOC worth a combined $1.5bn, while the asset solutions unit won $500m in new orders.
Petrofac said its backlog stood at $6.7bn at the end of June, broadly unchanged from the end of 2024.
Net liquidity rose by $40m over the first half to $192m, supported by suspended debt service payments, commercial settlements on legacy contracts, and careful cash flow management.
"Petrofac's operational capability remains intact, and the business continues to deliver for its clients," Kawash added.
"We have secured new contract awards and have a strong pipeline of future opportunities.
"This is in no small part thanks to the dedication of our people, and the continued support of our clients and suppliers."
Reporting by Josh White for Sharecast.com.
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