Restructuring update

Further to its announcement on 21 October, Petrofac confirms it has received notification from TenneT terminating its scope of work on the 2GW programme with immediate effect.

Having carefully assessed the impact of TenneT’s decision, the Board has determined that the Restructuring, which had last week reached an advanced stage, is no longer deliverable in its current form.

The Group is in close and constant dialogue with its key creditors and other stakeholders as it actively pursues alternative options for the Group. In the meantime, Petrofac remains focused on serving its clients and maintaining operational capability and delivery of services across its businesses.

Further information will be shared in due course.