REG-Petrofac Limited Petrofac Limited: EXTENSION OF BANK FACILITIES

PetrofacAnnouncement

21/04/2023 07:15

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   Petrofac Limited ( PFC)
   Petrofac Limited: EXTENSION OF BANK FACILITIES

   21-Apr-2023 / 07:00 GMT/BST

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                                Petrofac Limited

                         (the ‘Company’ or ‘Petrofac’)

    

                          EXTENSION OF BANK FACILITIES

   Petrofac is pleased to announce that it has today entered into agreements
   to extend US$252 million1 of its banking facilities.

   Petrofac and its lenders have agreed a 12-month extension of the Revolving
   Credit Facility (‘RCF’) and both bilateral bank facilities to October 2024
   2.

   The extension terms include a phased amortisation matching the projected
   deleveraging of the balance sheet, a waiver of the 31 December 2022
   covenants, and the replacement of leverage and interest cover covenants
   with minimum EBITDA and liquidity covenants, which are better suited to
   the Company’s near-term outlook as it continues to make progress
   rebuilding the backlog.

   This financing is in line with the Company’s strategy to pre-finance
   expected liquidity requirements for at least the next 12 months.

    

   Publication of 2022 results

   Petrofac will publish its financial results for the year ended 31 December
   2022 on Thursday 27 April 2023, 48-hours later than previously announced.

   This slight delay gives the Group and its auditor, EY, additional time to
   complete their procedures. No material changes to the positions set out in
   the trading update of 12 April 2023 are expected.

   Details for the conference call will be published in advance.

    

                                     NOTES

    1. US$252 million  represents  90%  of  the  facilities  existing  at  31
       December  2022,  with  proportionate  reductions  made  in  all  three
       facilities from the effective date.
    2. At  31  December  2022,  the  Group’s  external  borrowing  facilities
       included an US$180 million revolving credit facility, of which  US$124
       million was  drawn, and  two fully  drawn term  loans, each  of  US$50
       million.

    

   ENDS

    

    

    

    For further information contact:

    

   Petrofac:

   James Boothroyd, Head of Investor Relations

    1 james.boothroyd@petrofac.com

    

   Sophie Reid, Group Head of Communications
    2 sophie.reid@petrofac.com

    

   Teneo (for Petrofac):

   +44 (0) 207 353 4200

    3 petrofac@teneo.com

   Martin Robinson

    

    

   NOTES TO EDITORS

    

   Petrofac

    

   Petrofac is  a  leading  international  service  provider  to  the  energy
   industry, with a diverse  client portfolio including  many of the  world's
   leading energy companies.

    

   Petrofac designs,  builds,  manages  and  maintains  oil,  gas,  refining,
   petrochemicals and  renewable energy  infrastructure.  Our purpose  is  to
   enable our clients  to meet the  world's evolving energy  needs. Our  four
   values -  driven,  agile,  respectful and  open  -  are at  the  heart  of
   everything we do.

    

   Petrofac's core markets  are in the  Middle East and  North Africa  (MENA)
   region and the UK  North Sea, where  we have built  a long and  successful
   track record of safe, reliable and innovative execution, underpinned by  a
   cost effective and local delivery model with a strong focus on  in-country
   value. We operate in several  other significant markets, including  India,
   South East  Asia and  the United  States. We  have 8,000  employees  based
   across 31 offices globally.

    

   Petrofac is quoted on the London Stock Exchange (symbol: PFC).

    

   For additional information, please refer to the Petrofac website at
   petrofac.com

    

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00B0H2K534
   Category Code:  MSCM
   TIDM:           PFC
   LEI Code:       2138004624W8CKCSJ177
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   238490
   EQS News ID:    1613427


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:james.boothroyd@petrofac.com
   2. mailto:sophie.reid@petrofac.com
   3. mailto:petrofac@teneo.com


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