Petrofac on Wednesday known as on sure collectors to signal a “voluntary association” concerning their claims, to permit the British vitality engineering firm to proceed with a latest settlement to promote its Asset Options enterprise to CB&I.
Petrofac mentioned in an internet assertion it has scheduled a gathering of Petrofac Services Administration Ltd’s collectors on January 30 for a vote on “a proposed Firm Voluntary Association (CVA) associated to the sale”.
“The CVA is meant to compromise sure creditor claims to allow the completion of the sale”, the assertion mentioned. “Commerce collectors, workers and sure different events are usually not affected by the CVA.
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“Operations will proceed as regular in the course of the CVA course of and Asset Options will proceed to serve its prospects and work with suppliers as regular”.
Petrofac didn’t disclose the phrases of the voluntary association.
“The agreed sale of Asset Options to CB&I is a powerful consequence for the enterprise and for round 3,000 colleagues who’re anticipated to maneuver throughout on completion”, mentioned John Pearson, chief working officer for Petrofac’s Asset Options enterprise. “After greater than two years of restructuring, this CVA is the ultimate step to ship that consequence, and we’re asking collectors to help it so the sale can full”.
Petrofac and CB&I, a maker of storage amenities, tanks and terminals, introduced their settlement December 24, 2025.
“The consideration for the sale has been agreed on a debt-free cash-free foundation”, Petrofac mentioned then. “The final word web proceeds from the transaction will rely upon the quantum of varied deductions which is able to solely be confirmed nearer to completion. Nonetheless, the directors of the corporate anticipate the web proceeds to be within the vary of $45m to $55m”.
“The web proceeds might be distributed to the secured collectors in accordance with the intercreditor settlement entered into between the corporate and the secured collectors on 26 October 2021”, Petrofac added.
“Completion of the transaction is topic to sure circumstances together with approval from sure secured and unsecured collectors of the Belongings Options enterprise which is at the moment anticipated to be obtained by finish of January 2026”, it mentioned.
“Petrofac continues to advance choices for various restructuring and M&A options with respect to Petrofac Emirates, its UAE-based working division, targeted on engineering and building actions within the UAE and internationally”, Petrofac added.
On October 23, 2025 Petrofac introduced the top of its “superior stage” restructuring after European grid operator TenneT terminated Petrofac’s scope beneath a March 2023 contract for six connection initiatives on the Dutch and German sides of the North Sea, every with a two-gigawatt capability.
On October 27, 2025 Petrofac mentioned it had utilized for administration earlier than the Excessive Courtroom of England and Wales. “This can be a focused administration of the Group’s final holding firm solely [Petrofac Ltd]”, Petrofac mentioned.
“The Group’s operations will proceed to commerce, and choices for various restructuring and M&A options are being actively explored with its key collectors, together with the Advert Hoc Group of Noteholders, who’re supporting the Group with continued forbearance preparations while various choices are explored. The Group additionally retains the help of its RCF and Time period Mortgage lenders who proceed to increase maturities on a rolling foundation.
“When appointed, directors will work alongside government administration to protect worth, operational functionality and ongoing supply throughout the Group’s working and buying and selling entities”.
On October 28, 2025 Petrofac halted buying and selling on the London Inventory Alternate after getting into into administration.
To contact the creator, e mail jov.onsat@rigzone.com
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