Petrofac Limited Announces Progress in Financial Restructuring

On January 23, 2025, Petrofac Limited provided an update on its financial restructuring plan, building upon its December 22 announcement of a binding Lock-Up agreement with key stakeholders. The company has made significant progress in its plan, particularly concerning the inter-conditional terms of the transaction.

A key development includes the Consent Solicitation to amend the agreement governing the Notes, which received overwhelming support from c.85% of Bondholders, far exceeding the 50% threshold. Furthermore, over 70% of Bondholders have committed to the restructuring plan by acceding to the Lock-Up agreement, showcasing growing support.

The Group also reached a settlement agreement on a historical claim, marking a milestone in its restructuring efforts. The restructuring timetable has been adjusted, allowing additional time to satisfy a remaining condition of the Lock-Up Agreement.