PETROFAC EXTENDS FORBEARANCE
AGREEMENT
The Group announces that it
has extended its existing forbearance agreement in
respect of the non-payment of the interest coupon on its senior
secured notes from 18 October to 15 November 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.
The Board and management continue
to work constructively with the Company’s creditors, key clients
and other stakeholders to conclude due diligence and agree and
finalise terms and conditions of its proposed financial
restructure.
The Company aims to announce a
lock-up agreement with final terms in the coming
weeks. As previously
communicated, the Group continues to closely manage its financial
and commercial payment obligations. This includes the outstanding balances on its
revolving credit facility and term loans which the Company does not
expect to pay at their maturity on 25 October 2024.
The attention of investors is drawn
to the Company’s previous market announcements for additional
information surrounding the proposed financial restructure. Further
information will be shared as appropriate.
ENDS
For further
information contact:
Petrofac
Limited
+44 (0) 207 811
4900
James Boothroyd, Head of Investor
Relations
James.boothroyd@petrofac.com
Sophie Reid, Group Director of
Communications
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 8,600 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