REG-Petrofac Limited Petrofac Limited: Update on financial restructuring

PetrofacAnnouncement

23/01/2025 16:15

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   Petrofac Limited ( PFC)
   Petrofac Limited: Update on financial restructuring

   23-Jan-2025 / 16:09 GMT/BST

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                                23 January 2025

                                        

                       UPDATE ON FINANCIAL RESTRUCTURING

   Further to its announcement on 22 December detailing that the Group had
   entered into a binding Lock-Up agreement with certain key stakeholders on
   a comprehensive financial restructuring plan, the Company continues to
   make good progress with the inter-conditional terms of the transaction.
   The following updates are provided:
    

    1. The Consent Solicitation to amend  the agreement governing the  Notes,
       has received significant support well  in excess of the 50%  required,
       with c.85% of  Bondholders supporting. The  consent solicitation is  a
       key element of the  restructuring, and it  is therefore expected  that
       Bondholders who have  consented to  the change in  governing law  will
       support the restructuring. 
    2. More than  70%  of  Bondholders  have now  committed  to  support  the
       restructuring  plan  by  acceding  to  the  Lock-Up  agreement.   This
       represents an increase of c. 13% since the launch of the restructuring
       and constitutes over half of  the secured creditor class.  Discussions
       with other  secured creditors  continue,  with the  company  expecting
       further accessions in the coming weeks.  
    3. The Group has successfully  reached a settlement agreement,  effective
       on restructuring, in relation  to a key  historical claim detailed  in
       its 22  December  announcement. Work  to  compromise or  settle  other
       historical and actual claims continues in line with the  restructuring
       plan. 
    4. In order to allow time to  satisfy a remaining condition precedent  of
       the Lock-Up  Agreement,  the  Group  has,  in  consultation  with  key
       creditors and clients,  adjusted the restructuring  timetable by  four
       weeks, as  follows: Convening  Hearing –  25 February  2025;  Sanction
       Hearing – 26 March 2025; Restructuring  Effective Date – on or  around
       31 March 2025. 

   The Company will continue to update stakeholders as appropriate in line
   with its disclosure obligations, including provision of dates for the
   forthcoming Prospectus release, General and Creditor Meetings.

   ENDS

   For further information contact:
   Petrofac Limited
   +44 (0) 207 811 4900

   Lynette Otiti, Senior Manager, Investor Relations
    1 Lynette.otiti@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 8,000 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
   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:  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.:   372474
   EQS News ID:    2073817


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:Lynette.otiti@petrofac.com
   2. mailto:Sophie.reid@petrofac.com


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