"Oil and gas company Petrofac is set to go into administration and thousands of jobs are at risk in the firms North Sea hub in Scotland."
"Petrofac employs more than 7,000 people globally and on Monday the oil and gas company informed investors they have made an application to the High Court to appoint administrators."
"It is expected that corporate finance company, Teneo are expected to advise over the administration. "When appointed, administrators will work alongside executive management to preserve value, operational capability and ongoing delivery across the group's operating and trading entities," Petrofac said."
Petrofac has applied to the High Court to appoint administrators, placing thousands of roles at risk in its North Sea hub in Scotland. The firm employs more than 7,000 people globally. Corporate finance company Teneo is expected to advise on the administration. Appointed administrators will work alongside executive management to preserve value, maintain operational capability and ensure ongoing delivery across the group's operating and trading entities. The administration process will focus on stabilizing operations while determining the future structure and continuity of services.
Read at London Business News | Londonlovesbusiness.com
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