It has been reported that Petrofac, the oil company, has filed an intention to appoint administrators at the court today. Teneo have been lined up to try and rescue the company, the move puts 2000 jobs at risk.
In a statement to the stock exchange early Monday, the company said it had applied to the High Court of England and Wales to appoint administrators to its ultimate holding company.
“This action is a targeted administration of the holding company only, while the group’s operations will continue to trade,” it said.
It appears that the UK operations of Petrofac are financially viable but the problems stem from its Abu Dhabi Operations where there has been a huge financial mess.
A rescue deal collapsed last week when a major Dutch customer pulled out of a multibillion contract for wind farms and off shore drilling platforms
A spokesperson for the Department for 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.
“Petrofac’s administration is a product of longstanding issues in their global business. The Government will continue to work with the UK company as it focuses on its long-term future. Ministers are working across all parts of government led by DESNZ in support of this.”
The firm, which has UK offices in Aberdeen, London, Woking and Greater Yarmouth, said further information on the administration process would be provided in due course.
Given the strong performance of the UK arm of the business it is likely that Petrofac UK will be sold to another operator.
Written ByRobert Moore
Marketing Manager
Rob has over a decade of experience in web and general marketing. He has extensive knowledge of the Insolvency sector and has helped many worried directors with their questions.
Rob is now working with the Board at RMT KSA to develop strategic marketing programmes to support the business plan and drive more company rescues.
