Oilfield services provider Petrofac said on Friday its ongoing restructuring would leave existing shareholders with no residual value, as it moves to complete the process by November-end.
Petrofac is restructuring its finances under pressure from rising costs and delayed payments, a move that reflects wider challenges facing oilfield service firms in a volatile energy market.
It said its chosen restructuring route, aimed to support operational capability and ongoing delivery, is progressing well, with a lock-up agreement expected shortly.
The company develops and operates infrastructure for oil, gas, refining, petrochemicals, and renewable energy.
In its October 1 update, Petrofac had said it was pursuing multiple restructuring routes, some potentially leaving shareholders with no residual value, and that the final path would be determined by creditor input.
(Reuters - Reporting by Ankita Bora in Bengaluru; Editing by Mrigank Dhaniwala and Rashmi Aich)