- Business
- Petrofac Limited Petrofac Limited provides international engineering, procurement, construction, and project management services to the energy industry, focusing on oil, gas, refining, petrochemicals, and renewable energy infrastructure; it designs, builds, operates, and maintains onshore and offshore facilities, including gas processing plants, clean fuels refineries, offshore wind substations, hydrogen units, and carbon capture systems. The company offers asset support and lifecycle management through its Asset Solutions division, encompassing late-life asset management, decommissioning, integrated services, well engineering, project development, and training and competence programs; it delivers these via flexible commercial models such as lump-sum EPC contracts, UK Duty Holder services, and Integrated Services Contracts, leveraging engineering centers in the United Kingdom, India, and the Middle East, alongside a global procurement network. Petrofac Limited operates primarily in core markets including the Middle East and North Africa, UK North Sea, India, South East Asia, and the United States, serving national oil companies, international energy majors, and new energy clients; founded in 1981, it maintains its principal place of business in London, with registered offices in Jersey and over 7,300 employees across 31 global locations.
In recent developments, Petrofac Limited's Engineering & Construction division secured two major contracts with ADNOC in 2025, including a US$330 million EPC contract for a new gas compressor plant at the Habshan complex and an EPC Management Services contract for a US$1.2 billion gas production expansion on Das Island; its Asset Solutions division awarded approximately US$500 million in new orders and scope expansions in the first quarter of 2025 across the UK, Europe, Middle East, Africa, Asia Pacific, and US, spanning late-life asset management and decommissioning. The company extended its restructuring efforts amid financial challenges, achieving over 70% creditor support for its plan, extending a Lock-Up Agreement to November 2025, and applying to the Supreme Court following a Court of Appeal judgment; it continues contract executions with clients like TenneT and Ithaca Energy while maintaining a US$6.7 billion backlog and generating US$40 million in net liquidity in the first half of 2025.