RE: Clarity and Fear Factor4 Dec 2023 07:51
The Board is examining a range of strategic and financial options with the objective of materially strengthening the Company’s balance sheet, securing bank guarantees and improving short-term liquidity. A key aim of this review is to protect the interests of Petrofac’s shareholders, creditors and employees while the Group continues its focus on safe and effective delivery for its clients.
Management has been making progress in organic actions to unwind working capital, collect receipts on ongoing and new contracts and to unlock long-outstanding commercial settlements. In addition, Management is considering the sale of non-core assets, and is actively engaged in discussions with financial investors to take a non-controlling position in certain other components of the business portfolio. As part of an overall plan, these transactions would result in a material improvement on the balance sheet. The Company is also exploring potential new financial options across all its classes of capital.