Petrofac receives approval for restructuring
21 May 2025
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UK-based engineering company Petrofac has received formal approval from the High Court of England & Wales to implement its restructuring plan, according to a statement released by the company.
The company, which has billions of dollars-worth of projects in the Middle East and North Africa (Mena) region, has said that the approved plan will unlock $355m in new funding for its operations.
The company's shares were suspended from trading on the UK stock exchange at the end of last month due to Petrofac's failure to publish its 2024 financial results on time.
Wood Group, another UK-based engineering company that is active in the Mena region, also saw its shares suspended on the same day, for the same reason.
Despite Petrofac struggling with significant financial difficulties, it is continuing to bid on projects in the Mena region.
On 20 May, MEED revealed that Petrofac had submitted the lowest bid on a Kuwaiti oil project focused on the installation of a separation gathering centre (SGC) known as SGC-2 in the eastern region of Kuwait referred to as EK-2.
In the company’s latest statement, its said: “With the overwhelming support of shareholders and the majority of creditor classes, the hearing to sanction the restructuring plan took place on 30 April to 2 May 2025.
“The judgement handed down by the High Court today authorises the implementation of the restructuring plan which, when effected, will unlock $355m of new funding and significantly reduce the group’s indebtedness, materially strengthening its financial position."
Petrofac’s chairman, Rene Medori, said: “This is a very positive step forward for Petrofac. Together with the support displayed by shareholders, lenders, investors and key clients, the High Court’s sanctioning of the restructuring plan confirms it is the best path forward, and follows enormous efforts to develop and implement it over the last 18 months.
“The wider board and I are conscious of the demands this process has placed on all the group’s stakeholders. I would once again like to thank everyone connected with Petrofac for coming together to deliver these stronger foundations for the future.”
In January this year, Petrofac announced that it had reached a binding agreement with its creditors.
Petrofac has been struggling with financial problems since its share price collapsed in December 2023.
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