REG-Petrofac Limited Petrofac Limited: FINANCIAL RESTRUCTURING: UPDATE ON COURT PROCESS AND 2024 RESULTS TIMETABLE

PetrofacAnnouncement

21/03/2025 07:15

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   Petrofac Limited ( PFC)
   Petrofac Limited: FINANCIAL RESTRUCTURING: UPDATE ON COURT PROCESS AND
   2024 RESULTS TIMETABLE

   21-March-2025 / 07:00 GMT/BST

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   21 March 2025

                                        

       FINANCIAL RESTRUCTURING: UPDATE ON COURT PROCESS AND 2024 RESULTS
                                   TIMETABLE

    

    

   Court approves creditor class composition

    

   Further to its announcement on 28 February 2025, the Convening Hearing for
   Petrofac’s  financial  restructuring  took  place  yesterday.  The   court
   approved the creditor class composition proposed in the restructuring plan
   and ordered the convening of creditor meetings. Details of these  meetings
   will be communicated to the relevant parties in due course.

    

   The Sanction Hearing will take place between 30 April and 2 May 2025.  The
   restructuring effective date is expected to occur shortly thereafter.

    

   2024 results timeline

    

   As a consequence  of the  restructuring effective date  being expected  to
   fall after 30 April 2025, the Group has determined it appropriate to defer
   the finalisation and publication of its audited annual results. It expects
   to publish results shortly after the restructuring effective date.

   In accordance with its listing rules, therefore, trading in the  Company’s
   shares will be temporarily  suspended from 1 May  2025 until such time  as
   its full year 2024 results are published.

    

   Subscription period

    

   On 12 March 2025, the Company opened the subscription period during  which
   secured creditors  can  elect to  participate  in the  new  money  options
   available  to  them  under  the   terms  of  the  restructuring.   Further
   information regarding this process, timing and documentation is  available
   through Kroll Issuer Services Limited as information agent.

    

    

    

   Retail shareholder support

    

   Further to its announcement dated 6 March 2025, the Group draws the
   attention of retail investors to the appointment of Jon Yorke as
   independent representative. Those who held shares between 7 October 2005
   and 5 October 2021 and think they may have a claim that is affected by the
   restructuring plan, are encouraged to contact Mr Yorke, without charge, by
   emailing ia@pl-plan.co.uk. Doing so will not affect your legal rights.

    

    

   ENDS

    

   For further information contact:

   Petrofac Limited

   +44 (0) 207 811 4900

    

   David Boyd, Investor Relations Consultant
    1 david.boyd@petrofac.com

    

   Sophie Reid, Group Director of Communications
    2 sophie.reid@petrofac.com

    

   Teneo (for Petrofac)

   +44 (0) 207 353 4200

    3 petrofac@teneo.com

    

    

    

   NOTES TO EDITORS

    

   Petrofac

    

   Petrofac is  a  leading  international  service  provider  to  the  energy
   industry, with a diverse  client portfolio including  many of the  world's
   leading energy companies.

    

   Petrofac designs,  builds,  manages  and  maintains  oil,  gas,  refining,
   petrochemicals and  renewable energy  infrastructure.  Our purpose  is  to
   enable our clients  to meet the  world's evolving energy  needs. Our  four
   values -  driven,  agile,  respectful and  open  -  are at  the  heart  of
   everything we do.

    

   Petrofac's core markets  are in the  Middle East and  North Africa  (MENA)
   region and the UK  North Sea, where  we have built  a long and  successful
   track record of safe, reliable and innovative execution, underpinned by  a
   cost effective and local delivery model with a strong focus on  in-country
   value. We operate in several  other significant markets, including  India,
   South East  Asia and  the United  States. We  have 8,000  employees  based
   across 31 offices globally.

    

   Petrofac is quoted on the London Stock Exchange (symbol: PFC).

    

   For additional information, please refer to the Petrofac website at
    4 www.petrofac.com

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00B0H2K534
   Category Code:  MSCH
   TIDM:           PFC
   LEI Code:       2138004624W8CKCSJ177
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   379695
   EQS News ID:    2104144


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:david.boyd@petrofac.com
   2. mailto:sophie.reid@petrofac.com
   3. mailto:petrofac@teneo.com
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=9fe21fdf68d48cc06116e9fe9587a1c8&application_id=2104144&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news


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