Oil and Gas Company in Administration Puts Over 2,000 Jobs at Risk

Petrofac, a key player in the oil and energy services sector, has officially applied for administration. This decision impacts over 2,000 jobs based in Scotland, putting many employees at risk.

Ongoing Operations Amidst Administration

Despite the application for administration, Petrofac’s operations will continue. The company is actively seeking options for restructuring and considering potential mergers or acquisitions. These steps are being taken in collaboration with key creditors.

Government and Advisory Involvement

Energy Secretary Ed Miliband and other government officials have been informed about the situation. The Department for Energy Security and Net Zero has engaged advisory firm Kroll to navigate the crisis. This partnership aims to support the government’s response to the unfolding situation.

Company Overview

• Petrofac employs approximately 7,300 people across the globe.
• The company specializes in designing, constructing, and operating offshore equipment for energy firms.

This development marks a significant turning point for Petrofac, and updates will continue to emerge as the situation progresses.