Petrofac extends forbearance agreement with ad hoc group of noteholders

Petrofac has extended its existing forbearance agreement in respect of the non-payment of the interest coupon on its senior secured notes from 30 June to 25 July 2024.

The forbearance agreement is entered into by an ad hoc group of noteholders representing approximately 47% of the outstanding senior secured notes, increased from 41% at the time of the publication of Petrofac’s annual results.  

The forbearance agreement provides an assurance that relevant noteholders will not take any action in respect of the non-payment of the coupon until at least 25 July 2024, in order to provide further time for the Group’s financial restructuring to be progressed, the objective of which is to materially strengthen its balance sheet, improve liquidity and secure performance and advance payment guarantees to support current and future engineering, procurement and construction (EPC) contracts.

Further announcements will be made as appropriate.