US stock futures steady with China trade talks, Q3 earnings in focus
Investing.com -- Petrofac Ltd announced on Friday that its ongoing restructuring will result in no residual value being retained by existing shareholders.
The company aims to complete the process by the end of November 2025.
Petrofac has made significant progress toward implementation and expects to conclude a Lock Up Agreement shortly, which will support the group’s operational capability and ongoing delivery. Further details will be shared in the coming days.
This announcement follows Petrofac’s previous update on Oct. 1, in which the company advised it was advancing more than one route to implement the restructuring.
The final implementation route will be determined based on input from funding parties and key creditors, and is not within the company’s sole discretion.
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.
The company designs, builds, manages, and maintains oil, gas, refining, petrochemicals, and renewable energy infrastructure.
Petrofac’s core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where it has built a long and successful track record of safe, reliable, and innovative execution.
The company operates in several other significant markets, including India, Southeast Asia, and the United States.