PETROFAC

Petrofac Facilities Management paid £569,157 in a compound settlement to HM Revenue and Customs for supplying sanctioned industrial goods and providing related technical assistance to individuals connected to Russia during 2022–23 while winding down its Russian operations. The company self‑reported and cooperated with HMRC, which has publicly named it — the first such disclosure — signaling a tougher, more transparent approach to sanctions enforcement. » More on finance.yahoo.com

Petrofac has applied for administration for its ultimate holding company after TenneT cancelled a major offshore wind contract, a move the group says makes a previously planned solvent restructuring undeliverable. The firm, which has about 7,300 employees globally and around 2,000 staff in Scotland, faces potential job losses and debts reported near $4bn. Petrofac said trading will continue during the administration, while the UK arm remains operational and the government is coordinating support for UK operations. The decision casts doubt over parts of the business, though the UK unit could attract buyers. » More on theguardian.com

TenneT has terminated Petrofac's scope of services for the 2-GW program with immediate effect, after which Petrofac's restructuring plan in its current form was abandoned. The board is reviewing alternative options and is in close contact with creditors and stakeholders. Petrofac continues to stress its focus on client support and maintaining operational capability; share trading remains suspended because the audited 2024 annual accounts are still outstanding. » More on de.investing.com