Petrofac Faces Administration as 2,000 Jobs Hang in the Balance in Scotland

Petrofac is on the brink of administration, risking over 2,000 jobs in Scotland as emergency talks are underway to address its financial crisis.

• Petrofacs directors have engaged Teneo to manage an impending administration process, which could be confirmed as early as Monday morning.
• The financial turmoil threatens the livelihoods of more than 2,000 employees in Scotland, a critical area for the company’s operations in the North Sea.
• Former finance director of Anglo American, Rene Medori, is leading the emergency discussions among Petrofac’s board to navigate this crisis.