High Court Approves Petrofac's Financial Restructuring

Petrofac Limited has secured approval from the High Court of England and Wales for its financial restructuring plan. Supported by shareholders and major creditors, the plan aims to unlock $355 million in new funding, significantly reducing the company's debt and strengthening its financial standing.

This decision comes after a hearing from April 30 to May 2, 2025, where the support for the restructuring plan was reinforced. However, an appeal related to the Thai Oil project is pending, with a review scheduled for early June 2025.

René Medori, Chair of the Board, sees this as a crucial step, crediting the combined efforts of stakeholders over the past 18 months to reach this point. Group CEO Tareq Kawash views the court's sanction as pivotal, ensuring a sustainable financial platform for Petrofac's ongoing projects and future opportunities.