23 September
2024
PETROFAC EXTENDS
FORBEARANCE AGREEMENT
Petrofac Limited is holding its
Annual General Meeting today. Alongside this event, the Company
provides the following update.
Extension of
forbearance agreement
The Group confirms that it
has extended its existing forbearance agreement in
respect of the non-payment of the interest coupon on its senior
secured notes from 20 September to 18 October 2024.
The forbearance agreement is
entered into by an ad hoc group of noteholders representing
approximately 47% of the outstanding senior secured notes and
certain other acceding noteholders. It provides assurance that
these noteholders will not take action in respect of the
non-payment of the coupon until at least 18 October 2024, allowing
additional time for the Group’s financial restructuring to be
progressed.
Further announcements will be made
as appropriate.
ENDS
For further
information contact:
Petrofac:
James Boothroyd, Head of Investor
Relations
James.boothroyd@petrofac.com
Sophie Reid, Group Director of
Communications and Culture
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 8,500 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
www.petrofac.com