UK's Petrofac tumbles on challenges in securing contract performance guarantees

Petrofac

12/04/2024 08:22

** Oilfield services provider Petrofac's  PFC.L  shares down
25% at 25.52p in early trade; top pct loser across all London
stocks
    ** Company still facing challenges in securing performance
guarantees for new contracts
    ** Company remains in talks with lenders to restructure its
debt in exchange for equity
    ** Petrofac continues negotiations with prospective
purchasers regarding sale of non-core assets
    ** Shares down ~11% YTD, as of last close

 (Reporting by Anchal Rana in Bengaluru)
 ((Anchal.Rana@thomsonreuters.com; +91 9915609050))