Petrofac Limited: Delay to publication of 2023 results, Update on restructuring and Trading Update
Source: EQS
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 of DELAY TO PUBLICATION OF 2023 RESULTS, UPDATE ON RESTRUCTURING AND TRADING UPDATE Delay of full year 2023 results and temporary suspension of shares The Company expects a short delay in issuing its audited full year 2023 results, which it now expects to publish by As a result, in accordance with the Financial Conduct Authority’s (FCA) Disclosure and Transparency Rules and Listing Rules for the publication of audited financial statements, the Company has engaged with the Update on Strategic and Financial Options As part of the Group’s ongoing financial restructuring, an ad-hoc group of senior secured noteholders have made a proposal to provide further credit to the business of up to The Company is in active discussions with credit providers to obtain the required guarantees, which would also release over This development comes as the Company continues to manage its payment obligations to preserve liquidity whilst progressing the other components of the restructuring with other stakeholders. The Group’s upcoming payment obligations include amortisation payments due on the Company’s bank facilities and the coupon payment due on its senior secured notes on The Company’s lending banks have agreed to a number of rolling short term deferrals of contractual amortisation payments while the Company progresses the financial restructuring. The Company continues to engage with its lending banks on extending these deferrals as required. The Company does not expect to make the payment of the bond coupon on the due date of 15 May. The payment has a 30-day grace period. The ad-hoc group of noteholders, representing approximately 41% of the outstanding notes, has entered into a forbearance agreement with the Company, which provides an assurance that those noteholders will not take any action in respect of the non-payment of the coupon until at least Managing these payment obligations is of critical importance to the Company’s ability to maintain sufficient liquidity in the short-term while it is working to implement the financial restructuring. Good progress is also being made with non-core asset disposals, with non-binding offers received for the Group’s share in the PM304 Production Sharing Contract (PSC) in Trading Update In its Trading Update of Net debt at Asset Solutions has incurred additional costs on one of its Engineering, Procurement, Construction, and Commissioning (EPCC) contracts, and expects to report an EBIT for 2023 which could be up to The Group’s financial performance for the year ended “The Board and management are focused on arriving at a comprehensive refinancing solution as quickly as possible. We are encouraged by the engagement with the ad-hoc group of noteholders, which we hope demonstrates momentum in this complex process. We remain grateful to all our stakeholders for their patience and continued support of Petrofac.” “Operational activity continues as expected and our teams are delivering well in the initial phases of the contracts awarded in 2023. On the “Petrofac has a large order book of high-quality projects, strong market positions and compelling future opportunities which are evident from the recently announced awards. We are working to put the performance guarantees and the right capital structure in place, in order to deliver on this potential.” ENDS For further information contact: James.boothroyd@petrofac.com Sophie.reid@petrofac.com Teneo (for +44 (0) 207 353 4200 petrofac@teneo.com NOTES TO EDITORS Petrofac’s core markets are in the For additional information, please refer to the Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), 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.: | 318341 |
EQS News ID: | 1891167 |
End of Announcement |
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