Petrofac said the new commercial terms are supported by the Ad Hoc Group of Bondholders, subject to the agreement of longform documents. The agreement will enable its restructuring to proceed with the consent of those parties, according to a separate statement.
Petrofac has extended its long-running partnership with Ithaca Energy, winning a two-year, $50 million contract renewal to provide integrated services across the operator’s UK North Sea portfolio.
“The Group has been able to maintain liquidity to support its operations, reflecting suspension of debt service payments; commercial settlements and associated collections secured as part of the close out of legacy contracts; supportive supply chain and customer relationships, and careful cash flow management”, Petrofac said.
On July 1, in favor of Saipem SpA and Samsung E&A Co. Ltd., the Court of Appeal set aside the High Court of Justice’s sanction for Petrofac’s restructuring plan. Petrofac and the two companies had been part of a failed project – called Clean Fuels Project – to enable the production of cleaner fuels at a Thai refinery.
Oilfield services provider Petrofac has secured a new master service agreement (MSA) with Marathon Oil to support its key onshore and offshore assets in Equatorial Guinea.
Petrofac, a leading provider of services to the global energy industry, has today been awarded a Technical Services Contract by Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea, to support the operation of the region’s Block B asset.
ADNOC Gas has signed a USD 1.34-billion contract with Petrofac and its partners for expansion of its pipeline network in the UAE, the Emirati state-owned gas entity announced on Monday.
Petrofac has issued the following pre-close trading update for the six months ending 30 June 2023.
The move will leverage Petrofac’s years of experience in operating onshore and offshore facilities and will deliver improved operations on KNK