UK multinational energy services firm Petrofac has entered administration.
A statement on its website said the decision follows the impact of European grid operator TenneT’s decision last week to terminate Petrofac’s scope of work on a 2GW programme in the Netherlands. TenneT claimed Petrofac was not able “to meet it contractual obligations”.
“The group’s operations will continue to trade, and options for alternative restructuring and M&A solutions are being actively explored with … key creditors,” according to a Petrofac statement.
“The group also retains the support of its RCF and term loan lenders who continue to extend maturities on a rolling basis. When appointed, administrators will work alongside executive management to preserve value, operational capability and ongoing delivery.”
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