Petrofac Secures Strong Support for Restructuring Plans

An update from Petrofac ( (GB:PFC) ) is now available.

Petrofac Limited announced the successful outcome of its General Meeting and Plan Creditor meetings, which are crucial steps in the company’s restructuring process. The resolutions presented at the General Meeting received overwhelming support from shareholders, with a significant majority voting in favor of the restructuring plans. Similarly, the Plan Creditor meetings saw strong backing from secured creditors, although some unsecured creditor classes, particularly those connected to the Thai Oil Clean Fuels Project, voted against the plans. The restructuring is expected to enhance Petrofac’s financial stability and operational flexibility, positioning it more robustly within the energy sector.

More about Petrofac

Petrofac is a leading international service provider to the energy industry, specializing in the design, construction, management, and maintenance of oil, gas, refining, petrochemicals, and renewable energy infrastructure. The company primarily operates in the Middle East, North Africa, and the UK North Sea, with a strong presence in India, South East Asia, and the United States. Petrofac is listed on the London Stock Exchange and employs 8,000 people across 31 offices worldwide.

YTD Price Performance: -27.06%

Average Trading Volume: 1,840,453

Technical Sentiment Signal: Strong Buy

Current Market Cap: £32.12M

For a thorough assessment of PFC stock, go to TipRanks’ Stock Analysis page.