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Petrofac, an offshore energy firm, has made the decision to file for administration. The energy services provider, with approximately 2,000 employees in Scotland, has assured that its North Sea operations will continue without interruption. While the company has initiated the process to appoint administrators for its holding entity, it is also considering other restructuring alternatives. The main aim of the administrators will be to safeguard the company’s value, operational functions, and ongoing services.
This move by Petrofac comes on the heels of Dutch grid operator TenneT’s termination of a significant offshore wind contract with the company. Petrofac, which has offices in various locations across the UK including Aberdeen, London, Woking, and Greater Yarmouth, indicated that it will share more details about the administration proceedings in the near future. With its roots tracing back to Texas in 1981, Petrofac has been engaged in financial restructuring efforts over the past year.
As Petrofac takes steps towards administration, the company is poised to navigate through challenging times while striving to maintain its operational capabilities and service delivery. Despite the uncertainty surrounding its financial status, Petrofac’s commitment to its North Sea operations remains steadfast. With ongoing restructuring efforts, the energy firm aims to overcome current hurdles and emerge stronger in the future
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