Energy services firm Petrofac has initiated administration proceedings for its holding company. The company, which employs approximately 2,000 individuals in Scotland, confirmed that its North Sea business operations would continue without disruption. This action follows the termination of a significant offshore wind contract by Dutch grid operator TenneT, a development that reportedly scuppered a planned financial restructuring. Petrofac, founded in Texas in 1981, specializes in the design and construction of facilities for oil, gas, and renewable energy projects, in addition to providing engineering, project management, and logistical services. The firm’s shares were suspended in May, valued at an estimated £20 million. A company spokesperson stated a focus on delivering the best possible outcome for its businesses and minimizing disruption for clients and employees.
Source: https://www.bbc.com/news/articles/cg51z1gdj7vo?at_medium=RSS&at_campaign=rss
