REG-Petrofac Limited Petrofac Limited: RESULT OF GENERAL MEETING AND PLAN MEETINGS

PetrofacAnnouncement

28/04/2025 14:00

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   Petrofac Limited ( PFC)
   Petrofac Limited: RESULT OF GENERAL MEETING AND PLAN MEETINGS

   28-Apr-2025 / 13:56 GMT/BST

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   28 April 2025

    

                  RESULT OF GENERAL MEETING AND PLAN MEETINGS

    

   The General Meeting and Plan Creditor meetings specified in the previously
   announced Restructuring Plans have now taken place. The voting results
   demonstrated very strong levels of support for the Restructuring Plan by
   both shareholders and creditors and represent an important step towards
   the Restructuring becoming effective.

                                GENERAL MEETING

   The Company hereby confirms that all resolutions set out in the Notice  of
   Meeting and Circular for the General  Meeting of Petrofac Limited held  on
   28 April 2025 were duly passed by shareholders on a poll.

   The total number of votes cast for each resolution is as follows:

   No. Resolution                In Favour /   %*    Against    %*   Withheld
                                 Discretion
   1   New Shares and New        188,886,041 98.25% 3,372,495  1.75% 374,876
       Warrants
   2   Pre-emption Rights        188,625,179 98.13% 3,585,225  1.87% 423,008
   3   Authorised Share Capital  188,757,366 98.18% 3,508,587  1.82% 367,459
   4   Share Consolidation       188,768,239 98.21% 3,435,997  1.79% 429,176
   5   Historic B Shares         188,908,380 98.47% 2,934,400  1.53% 790,632
   6   Company’s Level of        189,088,552 98.54% 2,795,722  1.46% 749,138
       Borrowing
   7   Maximum Aggregate Fees    187,282,493 97.65% 4,511,529  2.35% 839,390
   8   Historical Regulatory     189,025,559 98.34% 3,196,148  1.66% 411,705
       Authorities
   9   Allotment of Shares       178,862,470 93.06% 13,340,511 6.94% 430,431

                                          

   * percentage of votes cast excludes withheld votes.

   The number of shares in issue at  the date of the Meeting was  528,874,000
   ordinary shares of  US$0.02 each in  the Company (the  “Shares”) and  each
   Share attracted one vote. Votes 'For' included votes at the discretion  of
   the Chairman.   All valid  proxy votes  and voting  instructions  (whether
   submitted electronically or in hard copy  form) were included in the  poll
   taken at the  meeting.  The  total number  of votes  cast was  192,265,953
   (36.35% of the share register). 

   The full text  of each resolution  is contained in  the Notice of  General
   Meeting   and   Circular,   which   is   available   on   the    Company's
   website,  1 www.petrofac.com.  A copy of the poll results for the GM  will
   also be available on the Company’s website. 

   In accordance with Listing Rule 6.4.2,  a copy of the resolutions (as  set
   out in the  Notice of  General Meeting  and Circular),  will be  submitted
   today to the Financial Conduct Authority's national storage mechanism  and
   will      shortly      be      available      for      inspection       at
    2 https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

                                 PLAN MEETINGS

   The Plan Creditor meetings specified in the Restructuring Plans took place
   on 23 April 2025. A summary of the results is as follows, with full
   details of the votes set out in Note 1 below.

     • Of the 12 creditor classes in total (across the two plan companies), 9
       classes voted in favour, with three classes voting against. 
     • Of the 6 secured creditor classes (across the two plan companies), all
       six voted 100% in favour
     • Of the 6 unsecured creditor classes (across the two plan companies), 3
       voted in favour and 3 voted against. 
     • In eight cases the approval levels were 100% and in the ninth it was
       over 99.9%
     • Turnout was very high in all classes, with turnout in the Senior
       Secured Funded Class being over 88% and all other classes having a
       turnout of more than 95%
     • The three classes who voted against the Plans were connected to the
       Thai Oil Clean Fuels Project. This was anticipated, and in line with
       their existing challenge to the Restructuring Plans, which will be
       addressed at the Sanction Hearing

   The Sanction Hearing will take place from 30 April to 2 May 2025 before a
   Judge of the High Court of Justice in England.

    

   ENDS

    
    

   NOTE 1:

    

                                         Voting for
   Plan meeting                                     Voting against Abstention
                                          
    

   PL Senior Secured Funded                                         

   Creditors Plan Meeting                100%       0%             0%

    
   PIUL Senior Secured Funded

   Creditors Plan Meeting                100%       0%             0%

    
   PL CBG Notes Providers Plan Meeting
                                         100%       0%             0%
    
   PIUL CBG Notes Providers Plan Meeting
                                         100%       0%             0%
    
   PL ABN Plan Meeting
                                         100%       0%             0%
    
   PIUL ABN Plan Meeting
                                         100%       0%             0%
    
   PL Argonaut Plan Meeting
                                         100%       0%             0%
    
   PIUL Argonaut Plan Meeting
                                         100%       0%             0%
    
   Shareholder Claimants Plan Meeting    99.92%                    0.01%
                                                    0.07%
                                                                    
   PL Other Unsecured Plan

   Creditors Plan Meeting                0%         100%           0%

    
   PIUL Other Plan Creditors Plan
   Meeting                               0%         100%           0%

    
   PL Thai Oil JV / PSS Plan

   Creditors Plan Meeting                0%         100%           0%

    

    

   For further information contact:

   Petrofac Limited

   +44 (0) 207 811 4900

    

   David Boyd

   Investor Relations Consultant

    3 david.boyd@petrofac.com  

    

   Sophie Reid, Group Director of Communications

    4 sophie.reid@petrofac.com

    

   Teneo (for Petrofac)

   +44 (0) 207 353 4200

    5 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
    6 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:  ROM
   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.:   385102
   EQS News ID:    2125620


    
   End of Announcement EQS News Service

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References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=9fe21fdf68d48cc06116e9fe9587a1c8&application_id=2125620&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news
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   3. mailto:david.boyd@petrofac.com
   4. mailto:sophie.reid@petrofac.com
   5. mailto:petrofac@teneo.com
   6. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=2c0df9d17fac5d331d7c43e7c11ba9ae&application_id=2125620&site_id=refinitiv~~~456f380e-074c-434c-ab61-d8ca972fa0de&application_name=news


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