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Libya oil project expected to progress despite Petrofac collapse.

Major projects that WOOD could now bid for or enter into a JV in place of Petrofac.

The 6J North Gialo oil field development remains a priority for the North African country’s national oil company.

The tender process for Libya’s 6J North Gialo oil field development project is expected to progress following Petrofac’s announcement that it has gone into administration, according to industry sources.

UK-based Petrofac is one of just two companies that submitted bids for the project. The other is Egypt-based Petrojet.

In September, MEED revealed that the bids had been submitted for the project and were under evaluation.

The client on the project is Libya’s Waha Oil Company and Petrofac completed the front-end engineering and design (feed) for the project in 2020.

Waha is a joint venture of Libya’s National Oil Corporation (NOC), France’s TotalEnergies and US-based ConocoPhillips.

Commenting on the impact of Petrofac’s insolvency, one industry source said: “This has definitely increased uncertainty for the project.

“It could potentially mean that this contract is retendered, but there is a lot of confidence that this tender will still go ahead in some form.

“Waha Oil and Libya’s NOC have made it clear that this project is a priority and they want it to go ahead.

“Progress is still expected on this tender, but it is possible that there will be more delays before this contract is awarded and signed.”

The 6J North Gialo field development project is part of a series of tenders that are collectively expected to be worth $1bn.

The three projects are:

NC98

Gialo 3

6J North Gialo

All three projects will develop Libyan reservoirs that have not yet been tapped.

The 6J North Gialo project was the first to be tendered and it is expected to be followed by NC98, with the Gialo 3 project likely to be tendered last.

Together, the projects are expected to double Waha’s production from about 300,000 barrels a day (b/d) of oil to 600,000 b/d. The Waha concession covers 13 million acres.

https://www.meed.com/libya-oil-project-expected-to-progress-despite-petrofac-collapse

Agree NMH21, the reduced offer was a kick in the balls for everyone, 35p was poor but to then use the FCA announcement to reduce it further demonstrated that Sidara are not to be trusted.

let’s keep them waiting, reject 30p, also reject 35p if that is offered, Sidara have dictated everything so far, time to change this.

The Market will react positive now we have everything out in the open, more contracts will come in before 2026 and maybe another bidder who wants to pull WOOD from Sidara.

Just listened to the webcast, some value to shareholders, no accountability or blame

Lain said the vote was being delayed until 17th November to give more time for shareholders.

Q&A good listen, if the Sidara voted, all conditions will be met, Sidara immediately inject $250m to the business followed by access to to bonds of $200m

Knowing what is now in the results and nothing starting come int out in the circular, why delay the vote?

Is this to give more time for further discussions with other interested parties that have already contacted them but not as yet placed an offer on the table.

Could Wood win these contracts

https://gulfnews.com/business/energy/uks-petrofac-collapse-clouds-multi-billion-dollar-projects-in-uae-gcc-1.500326177

Annual Report & Financial Statement 2024, 270 pages, bit of bed time reading, biggest Annual Report I have ever seen.

Apollo will return now, as an investment, what’s not to like.

Lots of changes can then be made to make this company profitable again

Sidara are not bothered about the debt, the future is what it is interested in, the order book is strong, if Sidara get WOOD, the $6.5b could double.

The accounts will satisfy them, deal done unless another offer comes in.

Still say Apollo will return with an offer

AI

What is included in a supplementary circular?

A clear explanation of the new, corrected, or updated information.

An assessment of the impact of the new information on the company and the securities in question.

Instructions for shareholders, such as revised deadlines for voting or submitting forms.

Reference to the original document, indicating which sections are being amended.

Example: A company issues a circular for an acquisition and later receives its half-year financial results. If these results contain new, material information, the company must issue a supplementary circular that incorporates the new report. It would also likely postpone any shareholder meetings to give investors time to consider the new financial data before they vote.

Wood also expects to publish the H1 2025 Interim Results and the Supplementary Circular to allow shareholders to see more than KG and RF wanted to show

Question that puzzles me is Lain Torrens was brought in as interim CFO, he joined Wood's Board and Executive Leadership Team in February 2025

WOOD stated at the time Mr Torrens's appointment is interim while the Company conducts a comprehensive search process for a permanent CFO.

As we know he agreed to take on the role as CEO role, doesn’t say this is temp.

Gilmartin will step down after the shareholder vote on the Sidara Ltd takeover on November 12 and will remain in post to ‘support an orderly transition, I don’t believe that he is involved now.

If it was all doom and gloom would Lain have accepted the role, why not just leave KG in until Sidara takeover if that’s what is going to happen.

What made Lain want to take up the position of top dog at WOOD, can’t be that he wanted to work under Sidara’s control, my understanding is that he is very astute and will have seen what damage it can cause if WOOD is lost to Sidara.

Hemo’s worth more, nice to see GSK spending on this type of treatment.

GSK has signed a deal for commercialisation of the drug from Syndivia, a biotechnology company based in Strasbourg, as the FTSE 100 group builds out its pipeline in one of the final deals under its outgoing chief executive Dame Emma Walmsley.

Syndivia specialises in the creation of a class of drugs known as antibody-drug conjugates, which link a chemotherapy drug to an antibody to help target specific proteins on the surface of a cell.

GSK said in a statement that Syndivia's preclinical drug has shown “enhanced anti-tumour activity” and “an encouraging safety profile”, enabling it to shrink tumours without causing an increase in side-effects. GSK is making an upfront payment to Syndivia as part of the agreement, with further payments depending on the success of the drug's development.

No one will be able to buy again at 18p, as soon as market opens and trading resumes, the price will hit 27p or thereabouts. If results are seen as positive it could go above 30p

RESTRUCTURING UPDATE

Further to its announcement on 23 October 2025, Petrofac provides the following update.

Having carefully assessed its options, and the impact of TenneT’s decision to terminate Petrofac’s scope of work on the 2GW programme in the Netherlands, the Directors of Petrofac Limited (the Group’s ultimate holding company) have applied to the High Court of England and Wales to appoint administrators to Petrofac Limited.

This is a targeted administration of the Group’s ultimate holding company only.

The Group’s operations will continue to trade, and options for alternative Restructuring and M&A solutions are being actively explored with its key creditors, including the Ad Hoc Group of Noteholders, who are supporting the Group with continued forbearance arrangements whilst alternative options are explored. The Group also retains the support of its RCF and Term Loan lenders who continue to extend maturities on a rolling basis.

When appointed, administrators will work alongside Executive Management to preserve value, operational capability and ongoing delivery across the Group’s operating and trading entities.

Further information will be provided in due course

Carrot, if we get 30p, I have lost thousands, I need 37p to break even, as I said on my previous posts, patience, timing and luck could turn things around, the release of the results will provide clarity on how things are currently and in the near future, with recent events, it is a gamble but sometimes the best time to invest is during a crisis, not when its share price is high. The recovery can be quick and surprise many as has happened many times before with other businesses.

Positives for me are

Kevin Gilmartin going (TF)

Roy Franklin going

Certain board directors going

Lain Torrens CFO now also CEO

Changes to the executive team

Sell off of assets to bring in $200m

Shareholders voted yes to temporarily lift its borrowing limit to avoid a potential default

Turnover will increase, many new contracts being won, lots of new projects yet to be announced.

Petrofac collapse means more work for WOOD

Government starting to reverse thinking on oil and gas

Sidara want this desperately as they see lots of value in the business as per Sidara’s own reasons for wanting it.

You wish Carrot, WOOD looking to be a good investment now

Global oil and gas contracts reported a quarter-on-quarter increase in total disclosed value, with $40.94bn in the second quarter (Q2) of 2025 as compared to $33.89bn in Q1 2025. The number of contracts reported a marginal decrease from 1,558 in Q1 2025 to 1,529 in Q2 2025. The high-value contracts by Wood Group, QS Energy, ADNOC Drilling, and China Petroleum Engineering provided a boost to overall contracts activity, though a marginal decrease in the numbers.

These notable contracts awarded during Q2 2025, primarily midstream segment high-value contracts, including John Wood Group’s $2.8bn contract from Gas to provide engineering, procurement, and construction management services for substantial upgrades and debottlenecking solutions to the existing Habshan and Habshan 5 gas processing mega-complexes and pipelines in the United Arab Emirates.

https://www.offshore-technology.com/analyst-comment/oil-and-gas-contracts-value-increase-q2/

If Petrofac proceeds with administration, the company is expected to be broken up, with various assets—including key contracts—likely to be acquired by other industry players

Interesting article

https://www.k2-partners.com/insights/major-north-sea-energy-crisis-petrofac-collapse-threatens-2000-scottish-jobs-as-administration-looms

Thanks Kandinsky, patience and timing with a bit of luck is what we need and I believe that we are coming out of a dark 6 months.