Petrofac warns of possible delays to long-running restructuring plans

(Sharecast News) - Petrofac warned on Tuesday that crucial restructuring plans had been hit by a change in circumstances around certain stakeholders.

The energy services firm was rocked by significant cost overruns at a troubled clean fuels project at a Thai Oil refinery, prompting it to seek fresh funds and a launch a company-wide restructuring at the end of last year.

Its shares have been suspended since April, pending publication of its 2024 audited accounts.

In September, it finally reached an agreement in principle with creditors Samsung E&A and Saipem, after months of legal disputes.

Last week it added it had made "very good progress towards implementation" of the company overhaul, although it also acknowledged there would be no residual value for existing shareholders once it completed, likely at the end of November.

However, in a three-line update on Tuesday, Petrofac warned: "There has been a change in circumstances relating to certain stakeholders, which impacts the timing and/or deliverability of this restructuring.

"Urgent discussions are taking place in relation to this change of circumstance, and the company will provide further details when it is able to."

It provided no further details.