Petrofac aims to restructure debt, converting a portion into equity, while discussing finances and considering non-core asset sales.

Petrofac is discussing its finances and aims to restructure its debt, converting a substantial portion of it into equity. Talks with lenders, investors, and potential buyers for non-core asset sales are ongoing. Management and the board are focused on managing payment obligations, securing guarantees for recent contract awards, and ensuring a proper capital structure and liquidity to support its $8bn backlog.