Overview
- Directors have prepared an administration process with Teneo and could file before markets open on Monday, according to multiple reports.
- Petrofac disclosed that the loss of its largest customer TenneT's contract meant the near-final rescue plan was no longer deliverable.
- The Department for Energy Security and Net Zero has engaged Kroll to advise as ministers, including Energy Secretary Ed Miliband, received briefings.
- More than 2,000 Scottish roles are at risk within a global workforce of about 7,300, though a source said the UK arm has no lossmaking contracts and the parent company would be the entity placed into administration.
- If insolvency proceeds, a break-up with assets and key contracts transferring to other operators is expected, against a backdrop of suspended shares, an overturned May restructuring plan and prior SFO penalties.