Petrofac Limited (LSE:PFC) has secured an extension of its Lock-Up Agreement with bondholders, investors and creditors to 30 November 2025, giving the company vital breathing space to push ahead with its restructuring plan.
In a restructuring and business update, the provider of services to the energy industry noted that the move follows a Court of Appeal ruling that upheld a legal challenge to the original plan. Petrofac is now applying to the Supreme Court for permission to appeal while working on alternative paths to complete the restructuring.
CEO Tareq Kawash said: “The agreement of stakeholders to extend the Lock-Up demonstrates their support for the work underway… the commitments formalised today give me confidence that we can deliver a successful outcome.”
Despite ongoing financial constraints, Petrofac delivered a strong first half of 2025, securing over US$800 million in new orders, including two major ADNOC contracts. The company’s revenue and EBIT are expected to be “significantly ahead” of last year.
Its order backlog remains steady at US$6.7 billion, and net liquidity rose to US$192 million by 30 June, supported by suspended debt payments and cash from legacy contract settlements.
Kawash added: “Petrofac’s operational capability remains intact… we have a strong pipeline and continued support from clients and suppliers.”
With restructuring efforts on track and solid contract momentum, Petrofac is positioning itself for a stabilised future and long-term growth.