Court Upholds Petrofac Deal with Creditors

13 Mar Court Upholds Petrofac Deal with Creditors

(Oilandgaspress) – Further to the announcement of 2 March 2026 confirming a challenge to the Company Voluntary Arrangement (“CVA”) by HM Revenue and Customs (“HMRC”), Petrofac is pleased to confirm that the challenge has been rejected at a hearing in Edinburgh held earlier today on 12 March. The CVA is a required condition for the sale of the Asset Solutions business to CB&I and was approved at a creditors meeting on 30 January by 99% of creditors voting and 86% by value of claims.

Petrofac plans to conclude the sale of the Asset Solutions business to CB&I in the shortest possible timeframe. The sale represents the outcome of a lengthy market testing process and the administrators of Petrofac Limited believe that the transaction is on the best possible terms that can be achieved for all creditors including HMRC.

Petrofac has asked HMRC to confirm that they will not further challenge the CVA, as ongoing appeals may further delay completion of the transaction. Petrofac is also seeking the support of both the UK and Scottish government to facilitate the swift completion of the sale to CB&I, for the benefit of all stakeholders.

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