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.
April 12, 2024
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