{"id":4467,"date":"2025-10-27T10:20:09","date_gmt":"2025-10-27T10:20:09","guid":{"rendered":"https:\/\/ventil.rs\/blog\/business\/north-sea-oil-and-gas-firm-petrofac-files-for-administration\/"},"modified":"2025-10-27T10:20:09","modified_gmt":"2025-10-27T10:20:09","slug":"north-sea-oil-and-gas-firm-petrofac-files-for-administration","status":"publish","type":"post","link":"https:\/\/ventil.rs\/blog\/business\/north-sea-oil-and-gas-firm-petrofac-files-for-administration\/","title":{"rendered":"North Sea oil and gas firm Petrofac files for administration"},"content":{"rendered":"


\n<\/p>\n

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Energy services firm Petrofac has filed for administration. <\/p>\n

The company, which employs about 2,000 people in Scotland, said its North Sea business would continue to operate as normal. <\/p>\n

In a statement, Petrofac said it had applied to appoint administrators for its holding company, but that alternative restructuring options were being explored. <\/p>\n

It added that administrators would work to “preserve value, operational capability and ongoing delivery”. <\/p>\n<\/div>\n

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The decision comes after Dutch grid operator TenneT terminated a major offshore wind contract<\/a> with Petrofac, scuppering a planned financial restructuring.<\/p>\n

The firm, which has UK offices in Aberdeen, London, Woking and Great Yarmouth, said further information on the administration process would be provided in due course.<\/p>\n<\/div>\n

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Founded in Texas in 1981, Petrofac designs and builds facilities for oil, gas and renewables projects, as well as providing engineering, project management and logistical services. <\/p>\n

It has been involved in the operation of North Sea oil platforms for firms including BP and Shell.<\/p>\n

Once a FTSE 100 firm, the company was worth around \u00a36bn at its peak in 2012 but it has slumped in recent years following a Serious Fraud Office investigation<\/a> and a series of profit warnings.<\/p>\n

Petrofac was worth around \u00a320m when its shares were suspended in May. The firm has cited delays in contract payments and rising operating costs.<\/p>\n

A spokesperson for the UK Department of 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.”<\/p>\n

They said the administration process was a result of “long-standing issues” in the firm’s worldwide operations. <\/p>\n

The spokesperson added: “The government will continue to work with the UK company as it focuses on its long-term future.”<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Energy services firm Petrofac has filed for administration. The company, which employs about 2,000 people in Scotland, said its North Sea business would continue to operate as normal. In a statement, Petrofac said it had applied to appoint administrators for its holding company, but that alternative restructuring options were being explored. It added that administrators…<\/p>\n

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The company, which employs about 2,000 people in Scotland, said its North Sea business would continue to operate as normal. In a statement, Petrofac said it had applied to appoint administrators for its holding company, but that alternative restructuring options were being explored. 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