REG-Petrofac Limited Petrofac Limited: Petrofac extends forebearance agreement with ad hoc group of noteholders

PetrofacAnnouncement

01/07/2024 07:15

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   Petrofac Limited ( PFC)
   Petrofac Limited: Petrofac extends forebearance agreement with ad hoc
   group of noteholders

   01-Jul-2024 / 07:00 GMT/BST

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    PETROFAC EXTENDS FORBEARANCE AGREEMENT WITH AD HOC GROUP OF NOTEHOLDERS
                                        

   Petrofac has extended its existing forbearance agreement in respect of the
   non-payment of the  interest coupon on  its senior secured  notes from  30
   June to 25 July 2024.

   The  forbearance  agreement  is  entered  into  by  an  ad  hoc  group  of
   noteholders representing  approximately  47%  of  the  outstanding  senior
   secured notes,  increased from  41%  at the  time  of the  publication  of
   Petrofac’s annual results. 

   The forbearance agreement provides an assurance that relevant  noteholders
   will not take any action in respect of the non-payment of the coupon until
   at least 25 July 2024,  in order to provide  further time for the  Group’s
   financial restructuring to  be progressed,  the objective of  which is  to
   materially strengthen  its balance  sheet,  improve liquidity  and  secure
   performance and advance payment guarantees  to support current and  future
   engineering, procurement and construction (EPC) contracts.

   Further announcements will be made 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

    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.

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

   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.:   331074
   EQS News ID:    1936239


    
   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
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=0b8f94c5e7a9e746c057c737e54cdfe1&application_id=1936239&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news


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