Petrofac Resolves Contract Default and Extends Forbearance Agreement

Petrofac Limited (PFC) announced that it has resolved a contract default with a key customer. The new agreement addresses performance guarantee requirements initially stated in the company's 2023 accounts. This resolves a default notice that demanded a performance guarantee by June 16, 2024.

Additionally, Petrofac has extended its forbearance agreement with noteholders regarding the non-payment of interest on senior secured notes. This extension moves the deadline from July 25 to August 23, 2024. Noteholders representing about 47% of the senior secured notes have agreed not to take action until the new deadline, allowing more time for financial restructuring.

Further updates will be provided as necessary.