Petrofac today announced a series of strategic organisational changes designed to stabilise operations, increase efficiency, and position the company for long-term sustainability amid continuing market uncertainty.

As part of this plan, the company will consolidate several functions into a single, integrated core services unit. This streamlined structure is aimed at improving operational alignment, accelerating decision-making, and ensuring more effective deployment of technical expertise across global projects.

Unfortunately, the restructuring will also result in the reduction of several hundred roles across the business. These decisions follow a comprehensive review of Petrofac’s cost base and operating model in light of persistent industry challenges and ongoing commercial pressures.

Tareq Kawash, Group Chief Executive of Petrofac, said:
“Today’s announcement reflects the decisive actions we must take to safeguard Petrofac’s future. While the decision to reduce roles is deeply difficult, it is necessary to ensure that our organisation remains competitive, capable, and aligned with the needs of our clients. We are committed to supporting all affected colleagues with fairness, respect, and comprehensive transition assistance.”

Petrofac emphasised that the newly integrated core unit will allow the company to focus on project delivery excellence, strengthen its technical foundations, and streamline support functions to create a more agile, resilient business.

Despite the challenges, Petrofac continues to pursue commercial opportunities across its markets and remains focused on stabilising its financial position while delivering safely for clients.

“Our industry is undergoing significant transformation,” Kawash added. “This restructuring is an essential step in ensuring Petrofac can navigate the current environment and emerge stronger.”

The company has begun consultation processes in relevant jurisdictions and remains committed to engaging transparently with employees, partners, and stakeholders throughout this transition.