Petrofac Limited
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- Petrofac Limited is a British international energy services company specializing in the design, construction, management, and maintenance of oil, gas, refining, petrochemicals, and renewable energy infrastructure. Its core products and services include engineering, procurement, and construction (EPC) of onshore and offshore facilities; operations and maintenance of energy assets; decommissioning services; well engineering; project management; and training and competence development for energy sector personnel. Petrofac operates mainly in the Middle East and North Africa (MENA) region, the UK North Sea, India, Southeast Asia, and the United States, with over 7,300 employees across more than 30 offices worldwide. The company leverages its engineering know-how and consultancy expertise to deliver complex projects including gas processing plants, clean fuels refineries, offshore wind substations, hydrogen units, and carbon capture and storage infrastructure. Founded in 1981 and headquartered in London with registration in Jersey, Petrofac has a strong footprint in both upstream and downstream sectors along with a growing focus on new energy solutions. Recent major developments include securing significant new contracts with ADNOC worth $1.53 billion in EPC and EPC management services, reflecting its ongoing project pipeline strength particularly in the MENA region. Meanwhile, Petrofac is undergoing a financial restructuring process to address balance sheet challenges, including a Lock-Up Agreement with stakeholders aimed at stabilizing the company’s capital structure. The company’s shares trading has been suspended since May 2025 pending publication of audited 2024 results following the restructuring. Operationally, Petrofac continues to maintain delivery capabilities, focusing on technology-driven, cost-effective project execution and asset management, while expanding its activities into low carbon and renewable energy projects such as hydrogen and waste-to-fuel initiatives. Petrofac’s integrated service offerings span the full project lifecycle from front-end engineering and design, procurement and construction through commissioning, operations, and decommissioning. The company differentiates itself through strong client-centric approaches, flexible commercial models, and an emphasis on local delivery and in-country value creation. It serves a diverse client portfolio including leading global energy companies and supports energy transition demands by leveraging digital technologies to optimize asset efficiency and reduce emissions. Petrofac’s ongoing strategic priorities include strengthening its financial position through restructuring while leveraging its extensive engineering and operational expertise to capitalize on the evolving energy market.
Company News
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UK's Petrofac seeks creditors' compromise on claims to allow asset sale
Petrofac applies for administration following collapse of restructuring plan
Petrofac files for administration after losing major Dutch wind contract
UK's Petrofac lines up administrator, Sky News reports
Petrofac confirms there'll be nothing left for shareholders
UK's Petrofac's restructuring plan to leave shareholders empty-handed
Petrofac expects to complete restructuring after agreement with Samsung and Saipem
Petrofac extends creditor support as new contracts and cash boost lift outlook
Petrofac Secures New Contracts, Reports $500 Million in Awards
Petrofac ups fundraising target as restructuring rumbles on
Petrofac secures over 70% creditor support for restructuring plans
Petrofac has 'new beginning' after US$1bn financial restructuring
UK's Petrofac in binding agreement with creditors on financial restructuring
Petrofac Extends Contract for DDW Offshore's AHTS Vessel Till July '25
Petrofac Plans to Undergo Financial Restructuring to Boost Liquidity
UK's Petrofac plummets as half-yearly losses surge
Petrofac extends forbearance agreement with some of its debtholders