Oil and gas services firm Petrofac has announced plans to appoint administrators after the collapse of restructuring talks, threatening more than 7K jobs worldwide, including around 2K positions in Scotland.
The company told investors on Monday that it has applied to the High Court for administration following the termination of a major contract by Dutch electricity grid operator TenneT, which effectively ended efforts to stabilize its finances.
Petrofac said the move affects its main holding company, while trading operations will continue as the firm explores alternative restructuring or merger options with creditors. Corporate finance firm Teneo is expected to...