Press
Release
18 NOVEMBER
2024
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 that
was due on 15 May 2024, from 15 November to 13 December 2024. This
forbearance agreement also extends to the non-payment of the
interest coupon that was due on 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 attention of investors is drawn
to the Company’s previous market announcements for additional
information surrounding the proposed financial restructure which
the Board and management continues to progress at pace. Further
information will be shared 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