Further to its recent announcements,
The Company has engaged and remains in discussions with its lenders to restructure its debt which would result in a significant proportion of the debt being exchanged for equity in the business. It also continues to be in discussion with prospective investors and certain major shareholders in relation to potential further investment in the Company and remains in negotiations with prospective purchasers regarding the sale of non-core assets, as set out in recent announcements. All options remain under consideration.
Management and the Board are focused on managing the Group's payment obligations and delivering a solution which supports the provision of guarantees required for its recent contract awards, and which ensures that
While the Company continues to face challenges in securing new performance guarantees, it is progressing discussions with credit providers and clients to find solutions with respect to the guarantees required for its recent contract awards.
The discussions with lenders and other stakeholders continue at pace and further announcements will be made as appropriate.
Contact:
Head of Investor Relations
Email: James.boothroyd@petrofac.com
Group Head of Communications
Email: Sophie.reid@petrofac.com
Teneo
Tel: +44 (0) 207 353 4200
Email: petrofac@teneo.com
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