Petrofac Limited Announces General and Plan Meetings Outcomes

Petrofac Limited has finalized its General and Plan Creditor meetings as a part of its Restructuring Plans, reporting significant support from both shareholders and creditors. This marks a vital milestone towards implementing the Restructuring Plan.

During the General Meeting, all resolutions presented were approved. Key resolutions included the issuance of New Shares and New Warrants and adjustments to the Company's level of borrowing. The vote turnout reflected a low opposition, generally below 2% against.

Plan Creditor meetings revealed varied support. Of the 12 creditor classes, nine backed the plan. Specifically, secured creditors showed unanimous approval, while unsecured creditors were split. Notably, opposition primarily arose from parties linked to the Thai Oil Clean Fuels Project.

The Sanction Hearing is scheduled from 30 April to 2 May 2025 at England’s High Court of Justice. Successful sanctioning will enable the full execution of the Restructuring Plan.