REG-Petrofac Limited Petrofac Limited: PETROFAC EXTENDS FORBEARANCE AGREEMENT

PetrofacAnnouncement

23/09/2024 07:15

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   Petrofac Limited ( PFC)
   Petrofac Limited: PETROFAC EXTENDS FORBEARANCE AGREEMENT

   23-Sep-2024 / 07:00 GMT/BST

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   23 September 2024

    

                                        

                     PETROFAC EXTENDS FORBEARANCE AGREEMENT

   Petrofac Limited is  holding its Annual  General Meeting today.  Alongside
   this event, the Company provides the following update.

    

   Extension of forbearance agreement

   The Group confirms that it has extended its existing forbearance agreement
   in respect of the non-payment of the interest coupon on its senior secured
   notes from 20 September to 18 October 2024.

    

   The  forbearance  agreement  is  entered  into  by  an  ad  hoc  group  of
   noteholders representing  approximately  47%  of  the  outstanding  senior
   secured  notes  and  certain  other  acceding  noteholders.  It   provides
   assurance that these noteholders  will not take action  in respect of  the
   non-payment of  the  coupon  until  at least  18  October  2024,  allowing
   additional time for the Group’s financial restructuring to be progressed.

    

   Further announcements will be made as appropriate.

    

    

   ENDS

    

    

   For further information contact:

    

   Petrofac:

   James Boothroyd, Head of Investor Relations

    1 James.boothroyd@petrofac.com

    

   Sophie Reid, Group Director of Communications and Culture

    2 Sophie.reid@petrofac.com

    

   Teneo (for Petrofac):

   +44 (0) 207 353 4200

    3 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 8,500  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
    4 www.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:  MSCH
   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.:   348266
   EQS News ID:    1992837


    
   End of Announcement EQS News Service

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    5 fncls.ssp?fn=show_t_gif&application_id=1992837&application_name=news&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1

References

   Visible links
   1. mailto:James.boothroyd@petrofac.com
   2. mailto:Sophie.reid@petrofac.com
   3. mailto:petrofac@teneo.com
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=9fe21fdf68d48cc06116e9fe9587a1c8&application_id=1992837&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news


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