Petrofac Limited Updates on Financial Restructuring

Petrofac Limited has announced progress on its financial restructuring plan initially revealed on 23 December 2024. Key stakeholders have finalized agreements enabling the company to commence court proceedings regarding the restructuring. The Convening Hearing is set for 28 February 2025, with the Sanction Hearing scheduled for 26 March 2025. The restructuring is expected to be effective on or around 31 March 2025.

The company has secured $80 million in cash collateral, replacing previous arrangements, to support a key E&C contract. Petrofac plans to upsize its equity raise by $30 million, bringing the total to $224 million. Additionally, certain creditors will have an opportunity to participate in the equity raise up to an incremental $25 million.

Currently, 73.7% of bondholders have committed to support the restructuring plan, marking significant progress. Further updates will be provided as necessary.