Petrofac Limited: Update on strategic and financial options
Source: EQS
UPDATE ON REVIEW OF STRATEGIC AND FINANCIAL OPTIONS Further to its recent announcements,
The Company has engaged and remains in discussions with its lenders to restructure its debt which would result in a significant proportion of the debt being exchanged for equity in the business. It also continues to be in discussion with prospective investors and certain major shareholders in relation to potential further investment in the Company and remains in negotiations with prospective purchasers regarding the sale of non-core assets, as set out in recent announcements. All options remain under consideration.
Management and the Board are focussed on managing the Group’s payment obligations and delivering a solution which supports the provision of guarantees required for its recent contract awards, and which ensures that
While the Company continues to face challenges in securing new performance guarantees, it is progressing discussions with credit providers and clients to find solutions with respect to the guarantees required for its recent contract awards.
The discussions with lenders and other stakeholders continue at pace and further announcements will be made as appropriate.
ENDS
For further information contact:
Teneo (for
NOTES TO EDITORS Petrofac’s core markets are in the For additional information, please refer to the
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
ISIN: | GB00B0H2K534 |
Category Code: | STR - |
TIDM: | PFC |
LEI Code: | 2138004624W8CKCSJ177 |
Sequence No.: | 315153 |
EQS News ID: | 1878917 |
End of Announcement |
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