Petrofac Limited Extends Forbearance Agreement with Noteholders

Petrofac Limited has extended its forbearance agreement regarding the non-payment of the interest coupon on its senior secured notes. The new deadline has been pushed from June 30 to July 25, 2024.

This extension involves an ad hoc group of noteholders representing about 47% of the senior secured notes, up from 41% noted in Petrofac’s annual results. The agreement ensures that noteholders will not take action regarding the non-payment until July 25, 2024, allowing more time for financial restructuring.

The aim of the restructuring is to strengthen Petrofac’s balance sheet, improve liquidity, and secure performance and advance payment guarantees for their engineering, procurement, and construction (EPC) contracts.

Further announcements will be made as necessary.