Petrofac files for administration North Sea oil and gas firm

Energy services firm Petrofac has filed for administration.

Energy services firm Petrofac has filed for administration.

The company, which employs about 2,000 people in Scotland, said its North Sea business would continue to operate as normal.

In a statement, Petrofac said it had applied to appoint administrators for its holding company, but that alternative restructuring options were being explored.

It added that administrators would work to "preserve value, operational capability and ongoing delivery".

The decision comes after Dutch grid operator TenneT terminated a major offshore wind contract, external with Petrofac, scuppering a planned financial restructuring.

The firm, which has UK offices in Aberdeen, London, Woking and Great Yarmouth, said further information on the administration process would be provided in due course.

The firm is located in Central London, providing Accounting services. As Tax Accountants in Central London, if you have any concerns about your tax or VAT, you can contact them 

Petrofac designs and builds facilities for oil, gas and renewables projects, as well as providing engineering, project management and logistical services


Profit warnings

Founded in Texas in 1981, Petrofac designs and builds facilities for oil, gas and renewables projects, as well as providing engineering, project management and logistical services.

It has been involved in the operation of North Sea oil platforms for firms including BP and Shell.

Once an FTSE 100 firm, the company was worth around £6bn at its peak in 2012, but it has slumped in recent years following a Serious Fraud Office investigation and a series of profit warnings.

Petrofac was worth around £20m when its shares were suspended in May. The firm has cited delays in contract payments and rising operating costs.

A spokesperson for the UK Department of Energy Security and Net Zero said: "The UK arm of Petrofac has not entered administration and is continuing to operate as normal, as an in-demand business with a highly skilled workforce and many successful contracts."

They stated that the administration process was a result of "long-standing issues" within the firm's global operations.

The spokesperson added: "The government will continue to work with the UK company as it focuses on its long-term future."


Source: https://www.bbc.co.uk/news/articles/cg51z1gdj7vo

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