Oil and gas services company Petrofac has filed for administration.
The energy firm, which employs around 2,000 people in Scotland, said it has applied to the High Court of England and Wales to appoint administrators for its holding company.
The announcement comes after Dutch grid operator TenneT terminated a major offshore wind contract with Petrofac over its failure to meet contractual obligations.
In 2023, Petrofac and Hitachi Energy were awarded a €13 billion (£11bn) deal by TenneT to deliver six 2GW offshore wind grid connection projects in the Netherlands and Germany.
Petrofac added in a statement: “The Group’s operations will continue to trade and options for alternative Restructuring and M&A solutions are being actively explored with its key creditors, including the Ad Hoc Group of Noteholders, who are supporting the Group with continued forbearance arrangements whilst alternative options are explored.
“The Group also retains the support of its RCF [Revolving Credit Facility] and Term Loan lenders who continue to extend maturities on a rolling basis.”
Oil and gas services firm Petrofac files for administration appeared first on Energy Live News.