Petrofac Extends Lock-Up Agreement and Announces Strong First Half

Petrofac Limited has announced an extension of its original Lock-Up Agreement until 30 November 2025. This extension reflects the ongoing support from bondholders, investors, and key creditors amid the firm's restructuring efforts. The company plans to appeal to the Supreme Court following a Court of Appeal judgment on 1 July 2025 concerning narrow grounds of the Restructuring Plan.

Petrofac's business units maintained contract execution despite financial constraints, with notable progress on ADNOC and TenneT contracts. The company secured significant contracts, including a $330 million EPC contract and a $1.2 billion project with ADNOC, and $500 million in Asset Solutions orders. The group's backlog stood at $6.7 billion as of June 30, 2025.

Despite challenges, Petrofac generated $40 million in net liquidity, raising its total to $192 million. The firm's pipeline remains robust, focusing on MENA and ETP opportunities.