Petrofac goes into administration
London, October 27, 2025, (Oilandgaspress) ––Petrofac told investors today that it has applied to the High Court to appoint administrators.It said it will now enter insolvency after Dutch electricity grid TenneT terminated a major contract to build windfarms, according to reports.
The company stressed that the administration will affect the group’s main holding company.
Petrofac employs more than 7,000 workers globally, with around 2,000 of these based at its North Sea hub in Scotland.
It will continue to trade and assess options for an alternative restructuring, with different merger and acquisition options also being explored with its key creditors.
Advisers at corporate finance firm Teneo are expected to advise over the administration.
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