Petrofac Limited (LSE:PFC) has confirmed that its ongoing restructuring will result in no residual value for existing shareholders as it moves to finalise a lock-up agreement with creditors.
The company, in a statement, said it expects to complete the process by the end of November, and it continues to focus on operational delivery through the transition.
The energy services group added that it has made “very good progress towards implementation” of the restructuring and will share further details in the coming days.
Earlier this month, Petrofac confirmed it was advancing multiple routes to execute its restructuring plan.
The company added that it remains committed to completing the process as quickly as possible to stabilise its business and maintain ongoing contract delivery.
Trading in Petrofac shares on the London Stock Exchange remains suspended pending publication of its full-year 2024 accounts.