Angus CochraneBBC Scotland News
Petrofac
Petrofac has offices in Aberdeen, London, Woking and Greater Yarmouth
Energy services firm Petrofac has filed for administration.
The company, which employs about 2,000 people in Scotland, said its North Sea business would continue to operate as normal.
In a statement, Petrofac said it had applied to appoint administrators for its holding company, but that alternative restructuring options were being explored.
It added that administrators would work to “preserve value, operational capability and ongoing delivery”.
The decision comes after Dutch grid operator TenneT terminated a major offshore wind contract with Petrofac, scuppering a planned financial restructuring.
The firm, which has UK offices in Aberdeen, London, Woking and Great Yarmouth, said further information on the administration process would be provided in due course.
Getty Images
Petrofac is a contractor for oil and gas producers in the North Sea
Founded in Texas in 1981, Petrofac designs and builds facilities for oil, gas and renewables projects, as well as providing engineering, project management and logistical services.
It has been involved in the operation of North Sea oil platforms for firms including BP and Shell.
Once a FTSE 100 firm, the company was worth around £6bn at its peak in 2012 but it has slumped in recent years following a Serious Fraud Office investigation and a series of profit warnings.
Petrofac was worth around £20m when its shares were suspended in May. The firm has cited delays in contract payments and rising operating costs.
A company spokesman said: “Petrofac has a number of fundamentally strong businesses and we are focused on delivering the best possible outcome for them through this process.
“Our long-established North Sea business c
Read More