REG-Petrofac Limited Petrofac Limited: PETROFAC EXTENDS FORBEARANCE AGREEMENT

PetrofacAnnouncement

21/10/2024 07:15

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

   21-Oct-2024 / 07:00 GMT/BST

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                     PETROFAC EXTENDS FORBEARANCE AGREEMENT

    

    

   The  Group  announces  that  it  has extended  its  existing   forbearance
   agreement in respect  of the  non-payment of  the interest  coupon on  its
   senior secured notes from 18 October to 15 November 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.

    

   The  Board  and  management  continue  to  work  constructively  with  the
   Company’s creditors, key  clients and other  stakeholders to conclude  due
   diligence and  agree and  finalise terms  and conditions  of its  proposed
   financial restructure.

    

   The Company aims to announce a  lock-up agreement with final terms in  the
   coming weeks. As previously communicated,  the Group continues to  closely
   manage its financial  and commercial payment  obligations.  This  includes
   the outstanding balances on its  revolving credit facility and term  loans
   which the Company does not expect to  pay at their maturity on 25  October
   2024.

    

   The attention  of investors  is  drawn to  the Company’s  previous  market
   announcements  for   additional  information   surrounding  the   proposed
   financial restructure. Further information will be shared as appropriate.

    

   ENDS

    

    

   For further information contact:

    

   Petrofac Limited

   +44 (0) 207 811 4900

    

   James Boothroyd, Head of Investor Relations

    1 James.boothroyd@petrofac.com

    

   Sophie Reid, Group Director of Communications

    2 Sophie.reid@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 8,600  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
   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
   Sequence No.:  353910
   EQS News ID:   2011891


    
   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


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