Petrofac has extended its existing forbearance agreement in respect of the non-payment of the interest coupon on its senior secured notes from 18 October to 15 November 2024.

The forbearance agreement is entered into by an ad hoc group of noteholders representing approximately 47% of the outstanding senior secured notes and certain other acceding noteholders.

The Board and management continue to work constructively with the Company’s creditors, key clients and other stakeholders to conclude due diligence and agree and finalise terms and conditions of its proposed financial restructure.

The Company aims to announce a lock-up agreement with final terms in the coming weeks. As previously communicated, the Group continues to closely manage its financial and commercial payment obligations. This includes the outstanding balances on its revolving credit facility and term loans which the Company does not expect to pay at their maturity on 25 October 2024.

KeyFacts Energy Industry Directory: Petrofac