Petrofac will today apply to the Supreme Court for leave to appeal the judgement handed down by the Court of Appeal at the start of July over its restructuring plans.
The group's restructuring plans suffered a set back when the Court of Appeal upheld a challenge to the proposals based on "narrow grounds" on July 1.
But in an update to shareholders this morning, the oilfield services company revealed it would seek to appeal this decision.
It also revealed the group's bondholders, investors and those creditors party to the Lock-Up Agreement have reinforced their support for the group by committing to an extension until 30 November 2025.
Tareq Kawash, Petrofac’s group chief executive, commented: “The agreement of stakeholders to extend the Lock-Up demonstrates their support for the work underway to address the narrow grounds on which the Court of Appeal upheld the challenge to our Restructuring Plan.
"While the need for the balance sheet restructuring remains clear, the commitments formalised today give me confidence that we can deliver a successful outcome.
“Petrofac’s operational capability remains intact, and the business continues to deliver for its clients. We have secured new contract awards and have a strong pipeline of future opportunities. This is in no small part thanks to the dedication of our people, and the continued support of our clients and suppliers. Following a prolonged period of challenge for the group, I am more focused than ever on delivering the best possible outcome for all stakeholders.”
FTSE 100
The UK's flagship share index, the FTSE 100, was down 52 points at 9,083 shortly after opening this morning.
Brent crude oil futures were down 0.18% at $71.57 a barrel.
Companies reporting today
- IMI - Half Year Results
- International Consolidated Airlines Group* - Half Year Results
- Intertek Group - Half Year Results
- Pearson - Half Year Results