Restructuring update

Further to its announcement on 27 October 2025, Petrofac (“Petrofac” or “the Group”) provides the following update.

As previously announced, Petrofac’s Executive Management is working alongside administrators of the Group’s ultimate holding company, Petrofac Limited (in administration), to preserve value, operational capability and ongoing delivery across the Group’s operating and trading entities. This includes M&A solutions with respect to Petrofac’s main operating divisions.

Petrofac International Limited (“PIL”), a subsidiary of Petrofac Limited (in administration), will shortly make an application to the Royal Court of Jersey seeking a letter of request under section 426 of the Insolvency Act 1986. The purpose of this application is to ask the Royal Court of Jersey to issue a letter of request to the High Court of England and Wales and seek its assistance in appointing administrators to PIL. This application will be heard at a hearing at the Samedi Division in the Royal Court of Jersey on 28 November 2025. In the event the Royal Court of Jersey grants the letter of request, the directors of PIL will apply to the High Court of England and Wales to appoint administrators to PIL.

PIL historically focused on the Group’s Engineering & Construction activities in the Middle East and North Africa. It holds no ongoing contracts and the Group intends to redeploy PIL’s 120 staff to other Group companies wherever possible. The administration of PIL is expected to facilitate the purpose of Petrofac Limited’s administration, to help preserve the value of the wider Group and to facilitate the planned M&A solutions.

The Group’s operations will continue to trade. Petrofac continues to advance options for alternative Restructuring and M&A solutions with key creditors. Further updates will be announced as appropriate.