Update on Petrofac Company Voluntary Arrangement

Further to the announcement on 30 January 2026 regarding the approval of the proposed Company Voluntary Arrangement (“CVA”) related to the sale of the Asset Solutions business, Petrofac advises that an application to challenge the CVA was made on 26 February 2026 by HM Revenue and Customs (“HMRC”).

The CVA challenge is connected to a claim by HMRC against Petrofac Facilities Management Limited for historical National Insurance Contributions (NICs) for offshore workers from 6 October 1999 to 5 April 2014. Petrofac disputes the entirety of the NIC claim, which is yet to be determined by a court. The issue of retrospective NICs is not unique to Petrofac and HMRC is pursuing similar claims against other companies in the industry. 

Petrofac is reviewing the CVA challenge with advisors and CB&I, who remain supportive, and is working to address the challenge in the shortest possible timeframe. 

As a result of the CVA challenge, it is expected there will be a delay in completion of the sale of Asset Solutions to CB&I. Further updates will be provided in due course.