Overview
- The company applied to the High Court to appoint administrators, stating its operations will continue trading while options are evaluated.
- Petrofac said TenneT’s termination of its Netherlands offshore wind work rendered a near-final restructuring plan undeliverable.
- Once appointed, administrators will work with management to preserve value and explore alternative restructuring and M&A options with key creditors.
- More than 2,000 Scotland-based roles are at risk within a global workforce of about 7,300 anchored in Aberdeen’s North Sea hub.
- DESNZ said the UK arm has not entered administration and ministers are coordinating support, with Teneo expected to advise on the process.