Petrofac Limited Faces Setback in Restructuring Efforts

Petrofac Limited announced that the Court of Appeal has upheld an appeal against its restructuring plan. The appeal was brought by creditors linked to the Thai Oil project. This decision overturns a previous High Court order that had sanctioned the restructuring efforts of Petrofac Limited and Petrofac International (UAE) LLC.

The appeal succeeded on limited grounds related to the terms of new financing and supporting evidence, which the High Court had initially accepted. All other appeal aspects were rejected. Petrofac is reviewing the judgment's details and consulting with stakeholders to determine future steps.

The company has promised to provide further updates as the situation develops.