Overview
- Petrofac confirmed it received immediate notice from TenneT ending its portion of the 2GW programme and said its advanced restructuring is no longer deliverable in its current form.
- The company said it is in active talks with key creditors and other stakeholders to pursue alternative options while maintaining operational delivery for clients.
- TenneT stated it exercised partial termination because Petrofac failed to meet contractual obligations, a claim Petrofac is reported to dispute.
- TenneT said Hitachi Energy will proceed with a replacement contractor to deliver the affected portfolio of Dutch and German grid connections.
- News reports describe heightened collapse risk for Petrofac after the cancellation, which removed a multibillion-euro workstream central to its recovery plans.