Oil and gas firm Petrofac delays 2023 results to May 2024 due to financial restructuring and debt-to-equity conversion discussion.

Petrofac, an oil and gas firm, delays full-year 2023 results release to May 31, 2024, due to financial restructuring. The company is discussing converting a portion of its debt to equity, with an ad-hoc group of senior secured noteholders proposing up to $300M in credit, including $200M for new funds and $100M for performance guarantees. Shares trading will be suspended until results are published.