PETROFAC EXTENDS
FORBEARANCE AGREEMENT WITH AD HOC GROUP OF NOTEHOLDERS
Petrofac has extended its existing
forbearance agreement in respect of the non-payment of the interest
coupon on its senior secured notes from 30 June to 25 July
2024.
The forbearance agreement is
entered into by an ad hoc group of noteholders representing
approximately 47% of the outstanding senior secured notes,
increased from 41% at the time of the publication of Petrofac’s
annual results.
The forbearance agreement provides
an assurance that relevant noteholders will not take any action in
respect of the non-payment of the coupon until at least 25 July
2024, in order to provide further time for the Group’s financial
restructuring to be progressed, the objective of which is to
materially strengthen its balance sheet, improve liquidity and
secure performance and advance payment guarantees to support
current and future engineering, procurement and construction (EPC)
contracts.
Further announcements will be made
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 8,500 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