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Petrofac ( (GB:PFC) ) has shared an announcement.
Petrofac Limited has announced a restructuring update following TenneT’s decision to terminate its scope of work on a 2GW program in the Netherlands. The company has applied for administration of its ultimate holding company, while its operations continue to trade. Petrofac is exploring alternative restructuring and M&A solutions with key creditors, maintaining support from noteholders and lenders. Administrators will work with executive management to preserve value and operational capability.
The most recent analyst rating on (GB:PFC) stock is a Hold with a £0.20 price target. To see the full list of analyst forecasts on Petrofac stock, see the GB:PFC Stock Forecast page.
More about Petrofac
Petrofac is an international service provider to the energy industry, offering design, construction, management, and maintenance services for oil, gas, refining, petrochemicals, and renewable energy infrastructure. The company primarily operates in the Middle East, North Africa, and the UK North Sea, with additional significant markets in India, Southeast Asia, and the United States. Petrofac is known for its cost-effective and locally focused delivery model, employing 7,300 people across 31 offices globally.
Average Trading Volume: 31,706,900
Technical Sentiment Signal: Strong Sell
Current Market Cap: £20.59M
See more data about PFC stock on TipRanks’ Stock Analysis page.