Summary
Offshore energy firm Petrofac has started a legal process called administration due to financial challenges. The company employs about 2,000 people in Scotland and says its operations in the North Sea will continue normally. Petrofac is seeking ways to reorganize its business following the end of a major contract.
Key Facts
- Petrofac filed for administration, a process to handle financial trouble.
- The company employs roughly 2,000 people in Scotland.
- Operations in the North Sea will not be affected by this process.
- Administrators will look for ways to keep the company operating.
- Petrofac lost a significant offshore wind contract with Dutch company TenneT.
- The firm has offices in Aberdeen, London, Woking, and Greater Yarmouth in the UK.
- Petrofac was founded in Texas in 1981 and has been restructuring financially.
- More details on the administration process will be shared later.
