REG-Petrofac Limited Petrofac Limited: HIGH COURT SANCTIONS FINANCIAL RESTRUCTURING PLAN

PetrofacAnnouncement

20/05/2025 12:15

============

   Petrofac Limited ( PFC)
   Petrofac Limited: HIGH COURT SANCTIONS FINANCIAL RESTRUCTURING PLAN

   20-May-2025 / 12:00 GMT/BST

   ══════════════════════════════════════════════════════════════════════════

   20 May 2025

                                        

                                        

                 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
                                        

                              HIGH COURT SANCTIONS
                          FINANCIAL RESTRUCTURING PLAN

    

   Petrofac announces  that it  has received  formal approval  from the  High
   Court of England and Wales to implement its Restructuring Plan.

    

   With the overwhelming support of shareholders and the majority of creditor
   classes, the hearing to sanction the Restructuring Plan took place from 30
   April to 2 May  2025. The judgement  handed down by  the High Court  today
   authorises the  implementation  of  the  Restructuring  Plan  which,  when
   effected, will  unlock US$355  million of  new funding  and  significantly
   reduce the Group’s  indebtedness, materially  strengthening its  financial
   position. 

    

   The Court of Appeal has  reserved 2 to 4 June  2025 to review an  existing
   appeal of the convening order, brought by certain creditors connected with
   the Thai Oil project. Any appeal of  the sanction order is expected to  be
   heard at the same time. 

    

   Chair of the Board René Medori said: “This is a very positive step forward
   for  Petrofac.  Together  with  the  support  displayed  by  shareholders,
   lenders, investors and key  clients, the High  Court’s sanctioning of  the
   Restructuring Plan  confirms it  is  the best  path forward,  and  follows
   enormous efforts to develop and implement it over the last 18 months.

    

   “The wider  Board and  I are  conscious of  the demands  this process  has
   placed on all the Group’s stakeholders.  I would once again like to  thank
   everyone connected  with Petrofac  for coming  together to  deliver  these
   stronger foundations for the future.

    

   “Having joined Petrofac for  a limited period  to support engagement  with
   stakeholders during this process,  Aidan de Brunner  will leave the  Board
   with our gratitude on 31 May 2025.”

    

   Group  Chief  Executive,  Tareq  Kawash  said:  “The  sanctioning  of  the
   Restructuring  Plan  marks   a  significant  milestone   for  our   Group.
   Implementation  of  the  Plan  will  allow  our  talented  team,  clients,
   suppliers, shareholders  and  investors,  to  move  forward  with  renewed
   confidence, bolstered  by  a  sustainable  financial  platform,  a  robust
   backlog  of  existing  contracts,  and   a  healthy  pipeline  of   future
   opportunities.”

    

   ENDS

    

    

    

    

   For further information contact:

    

   Petrofac Limited

   +44 (0) 207 811 4900

    

   Sophie Reid, Group Director of Communications

    1 sophie.reid@petrofac.com

   David Boyd

   Investor Relations Consultant

    2 david.boyd@petrofac.com

    

   Teneo (for Petrofac)

   +44 (0) 207 353 4200

   petrofac@teneo.com

    

    

    

   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 7,300  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
    3 www.petrofac.com

    

    

    

    

    

    

   ══════════════════════════════════════════════════════════════════════════

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

   ══════════════════════════════════════════════════════════════════════════

   ISIN:          GB00B0H2K534
   Category Code: MSCH
   TIDM:          PFC
   LEI Code:      2138004624W8CKCSJ177
   Sequence No.:  389538
   EQS News ID:   2141728


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

References

   Visible links
   1. mailto:sophie.reid@petrofac.com
   2. mailto:david.boyd@petrofac.com
   3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=9fe21fdf68d48cc06116e9fe9587a1c8&application_id=2141728&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news


============