Petrofac Limited: Update on financial restructuring

UPDATE ON FINANCIAL RESTRUCTURING

1. The Consent Solicitation to amend the agreement governing the Notes, has received significant support well in excess of the 50% required, with c.85% of Bondholders supporting. The consent solicitation is a key element of the restructuring, and it is therefore expected that Bondholders who have consented to the change in governing law will support the restructuring. 
2. More than 70% of Bondholders have now committed to support the restructuring plan by acceding to the Lock-Up agreement. This represents an increase of c. 13% since the launch of the restructuring and constitutes over half of the secured creditor class. Discussions with other secured creditors continue, with the company expecting further accessions in the coming weeks.  
3. The Group has successfully reached a settlement agreement, effective on restructuring, in relation to a key historical claim detailed in its 22 December announcement. Work to compromise or settle other historical and actual claims continues in line with the restructuring plan. 
4. In order to allow time to satisfy a remaining condition precedent of the Lock-Up Agreement, the Group has, in consultation with key creditors and clients, adjusted the restructuring timetable by four weeks, as follows: Convening Hearing – 25 February 2025; Sanction Hearing – 26 March 2025; Restructuring Effective Date – on or around 31 March 2025.