RE: Upside10 Dec 2023 18:25
The group added it is exploring potential new financial options across all its classes of capital, and is actively engaged in discussions with investors to take a non-controlling position in certain other components of its business portfolio.
Tareq Kawash, group chief executive of Petrofac, said: 'Petrofac's underlying business is robust with material growth in our backlog from approximately US$5.5 billion in new awards in new and traditional energy this year.
'This demonstrates our competitive strength and long-term potential. To deliver on this, we are working hard to address short-term liquidity challenges and strengthen the financial position of the group.'