Petrofac secures court approval for restructuring plan

LONDON - Petrofac (LON:PFC) Limited, a prominent service provider to the energy sector, announced today that the High Court of England and Wales has sanctioned its financial restructuring plan. The court’s decision paves the way for the company to access $355 million in new funding and significantly reduce its overall debt, aiming to fortify its financial stance.

The restructuring plan received strong backing from both shareholders and a majority of the creditor classes. The High Court heard the case from April 30 to May 2, 2025, and delivered its judgment today, endorsing the execution of the restructuring plan.

Despite this positive development, an appeal concerning the convening order, linked to creditors involved with the Thai Oil project, is scheduled for review by the Court of Appeal from June 2 to June 4, 2025. Any challenge to the sanction order will likely be heard concurrently.

René Medori, Chair of the Board, expressed that the High Court’s approval represents a significant progression for Petrofac. Medori acknowledged the considerable effort over the past 18 months to formulate and execute the plan and thanked all stakeholders for their commitment to establishing a stronger foundation for Petrofac’s future.

Tareq Kawash, Group Chief Executive, remarked that the sanctioning of the restructuring plan is a key milestone for the company. He emphasized that the implementation will provide confidence to Petrofac’s team, clients, suppliers, shareholders, and investors, supported by a sustainable financial framework.

The announcement also noted that Aidan de Brunner, who joined the Board to aid in stakeholder engagement during the restructuring process, will depart from the Board on May 31, 2025.

Petrofac has established itself as a leading international service provider in the energy industry, with a presence in the Middle East and North Africa (MENA) region, the UK North Sea, and other significant markets such as India, South East Asia, and the United States. The company is listed on the London Stock Exchange (LON:LSEG) under the ticker PFC.

This news is based on a press release statement from Petrofac Limited.

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