REG-Petrofac Limited PETROFAC CURES CONTRACT DEFAULT AND ANNOUNCES EXTENSION TO FORBEARANCE AGREEMENT

PetrofacAnnouncement

26/07/2024 16:15

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   Petrofac Limited ( PFC)
   PETROFAC CURES CONTRACT DEFAULT AND ANNOUNCES EXTENSION TO FORBEARANCE
   AGREEMENT

   26-Jul-2024 / 16:02 GMT/BST

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   Press Release

    

    

   26 July 2024

    

                      PETROFAC CURES CONTRACT DEFAULT AND
                  ANNOUNCES EXTENSION TO FORBEARANCE AGREEMENT

    

   Agreement with key EPC customer

    

   Petrofac today announces that it has reached an alternative agreement with
   a key  customer with  respect to  the performance  guarantee  requirements
   under that contract.  

    

   The agreement cures the default notice received from that customer,  which
   required a performance guarantee to be posted by 16 June 2024, as outlined
   in the company’s 2023 accounts.  

    

   The Company continues to require performance guarantees for certain of its
   other recently awarded  contracts. Further announcements  will be made  as
   appropriate.

    

   Forbearance agreement with noteholders

    

   The Group has extended  its existing forbearance  agreement in respect  of
   the non-payment of the interest coupon on its senior secured notes from 25
   July to 23 August 2024.

    

   The  forbearance  agreement  is  entered  into  by  an  ad  hoc  group  of
   noteholders representing  approximately  47%  of  the  outstanding  senior
   secured  notes  and  certain  other  acceding  noteholders.  It   provides
   assurance that these noteholders  will not take any  action in respect  of
   the non-payment of  the coupon until  at least 23  August 2024,  providing
   additional time for the Group’s financial restructuring to be progressed.

   Further announcements will be made as appropriate.

    

   ENDS

    

    

    

   For further information contact:

    

   Petrofac:

   James Boothroyd, Head of Investor Relations

    1 James.boothroyd@petrofac.com

    

   Sophie Reid, Group Director of Communications and Culture

    2 Sophie.reid@petrofac.com

    

   Teneo (for Petrofac):

   +44 (0) 207 353 4200

    3 petrofac@teneo.com

    

    

   NOTES TO EDITORS

   Petrofac

   Petrofac is  a  leading  international  service  provider  to  the  energy
   industry, with a diverse  client portfolio including  many of the  world’s
   leading energy companies.

    

   Petrofac designs,  builds,  manages  and  maintains  oil,  gas,  refining,
   petrochemicals and  renewable energy  infrastructure.  Our purpose  is  to
   enable our clients  to meet the  world’s evolving energy  needs. Our  four
   values -  driven,  agile,  respectful and  open  -  are at  the  heart  of
   everything we do.

    

   Petrofac’s core markets  are in the  Middle East and  North Africa  (MENA)
   region and the UK  North Sea, where  we have built  a long and  successful
   track record of safe, reliable and innovative execution, underpinned by  a
   cost effective and local delivery model with a strong focus on  in-country
   value. We operate in several  other significant markets, including  India,
   South East  Asia and  the United  States. We  have 8,500  employees  based
   across 31 offices globally.

    

   Petrofac is quoted on the London Stock Exchange (symbol: PFC).

    

   For additional  information,  please  refer to  the  Petrofac  website  at
    4 www.petrofac.com

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB00B0H2K534
   Category Code: MSCU
   TIDM:          PFC
   LEI Code:      2138004624W8CKCSJ177
   Sequence No.:  336890
   EQS News ID:   1955365


    
   End of Announcement EQS News Service

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    5 fncls.ssp?fn=show_t_gif&application_id=1955365&application_name=news&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810

References

   Visible links
   1. mailto:James.boothroyd@petrofac.com
   2. mailto:Sophie.reid@petrofac.com
   3. mailto:petrofac@teneo.com
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=9fe21fdf68d48cc06116e9fe9587a1c8&application_id=1955365&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news


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