Petrofac (GB:PFC) has released an update.
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Petrofac Limited has successfully negotiated a resolution to a contract default by reaching an agreement concerning performance guarantee requirements, avoiding the default notice previously issued. Additionally, the company has secured an extension of its forbearance agreement with noteholders until 23 August 2024, providing a window to further its financial restructuring efforts. This marks a positive step for Petrofac as it continues to manage its obligations and maintain stability.
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