Trouble in the North Sea? Petrofac files for administration amid debt crisis; 2,000 jobs at risk
Oil and gas contractor Petrofac has filed for administration, putting approximately 2,000 jobs at risk. The company cited the cancellation of a key offshore wind contract by TenneT as the reason for its inability to proceed with a solvent restructuring. This follows years of financial struggles, including a bribery conviction and significant debt.🕒 1 min read
Oil and gas contractor Petrofac has filed for administration, putting approximately 2,000 jobs at risk. The company cited the cancellation of a key offshore wind contract by TenneT as the reason for its inability to proceed with a solvent restructuring. This follows years of financial struggles, including a bribery conviction and significant debt.
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