Petrofac Limited: UPDATE ON FINANCIAL RESTRUCTURING

DJ Petrofac Limited: UPDATE ON FINANCIAL RESTRUCTURING

Petrofac Limited ( PFC) 
Petrofac Limited: UPDATE ON FINANCIAL RESTRUCTURING 
24-Feb-2025 / 07:00 GMT/BST 
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NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, OR INTO ANY JURISDICTION 
IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. 
 
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, 
RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN 
PETROFAC LIMITED OR ANY OTHER ENTITY IN ANY JURISDICTION. 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO. 
596/2014 ON MARKET ABUSE, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. 
 
 
21 February 2025 
 
UPDATE ON FINANCIAL RESTRUCTURING 
 
Further to its release on 23 December 2024 announcing a comprehensive financial restructuring plan, and its subsequent 
market update on 25 January 2025, the Company provides the following updates: 
 
   -- The Company has finalised agreements with key stakeholders to enable it to commence the court proceedings 
  in relation to the Restructuring. Accordingly, the Convening Hearing will be held on 28 February 2025. The Sanction 
  Hearing remains scheduled for 26 March 2025 and the Restructuring Effective Date is expected to take place on or 
  around 31 March 2025. 
   -- The Group has now secured agreements with financial investors to facilitate the release of USUSD80 million 
  of cash collateral which will be used to secure a performance bond in respect of a key E&C contract. This 
  arrangement replaces the provision of New Guarantee Facilities by a Funded Creditor as described in the 23 December 
  2024 announcement. 
   -- Based on interest, the Group expects to upsize the equity raise by USUSD30 million, taking the total equity 
  raise to USUSD224 million. This would increase the total new funding raised as part of the Restructuring to USUSD355 
  million. 
   -- In addition, in consultation with key investors and Bondholders, the Group will offer certain creditors 
  the opportunity to participate in the equity raise by up to an incremental USUSD25 million, at the same price as 
  other investors. 
   -- On the Restructuring Effective Date, the existing shareholders of the Company are expected to be 
  allocated 2.2% of the Company's total share capital (versus the 2.5% outlined in the 23 December announcement). 
 
   -- 73.7% of Bondholders have now committed to support the restructuring plan by acceding to the Lock-Up 
  agreement. This represents an increase of c. 16.7% since the launch of the restructuring and constitutes over half 
  of the secured creditor class. Discussions with other secured creditors continue. 
 
Following the Convening Hearing, the Company will commence the subscription period during which secured creditors can 
elect to participate in the new money options available to them under the terms of the Restructuring. Further 
information regarding the process, timing and documentation will be made available through Kroll Issuer Services 
Limited as information agent. 
 
A Supplementary Practice Statement Letter will be made available to the Company's creditors later today. The Company 
will continue to update stakeholders as appropriate in line with its disclosure obligations, including provision of 
dates for the forthcoming General and Creditor Meetings. 
 
ENDS 
 
 
For further information contact: 
Petrofac Limited 
[phone] 
 
Lynette Otiti, Senior Manager, Investor Relations 
[e-mail] 
 
Sophie Reid, Group Director of Communications 
[e-mail] 
 
Teneo (for Petrofac) 
[phone] 
[e-mail] 
 
 
 
NOTES TO EDITORS 
 
Petrofac 
 
Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including 
many of the world's leading energy companies. 
 
Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. 
Our purpose is to enable our clients to meet the world's evolving energy needs. Our four values - driven, agile, 
respectful and open - are at the heart of everything we do. 
 
Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built 
a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and 
local delivery model with a strong focus on in-country value. We operate in several other significant markets, 
including India, South East Asia and the United States. We have 8,000 employees based across 31 offices globally. 
 
Petrofac is quoted on the London Stock Exchange (symbol: PFC). 
 
For additional information, please refer to the Petrofac website at www.petrofac.com 
 
The information contained within this announcement is deemed by the Company to constitute inside information as 
stipulated under Regulation (EU) No. 596/2014 on market abuse (which forms part of UK domestic law pursuant to the 
European Union (Withdrawal) Act 2018) and was authorised for release by Scott Brooker, Company Secretary. 
 
 
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Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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ISIN:      GB00B0H2K534 
Category Code: MSCU 
TIDM:      PFC 
LEI Code:    2138004624W8CKCSJ177 
OAM Categories: 2.2. Inside information 
        3.1. Additional regulated information required to be disclosed under the laws of a Member State 
Sequence No.:  376912 
EQS News ID:  2090041 
 
End of Announcement EQS News Service 
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February 24, 2025 02:00 ET (07:00 GMT)