News · 27 October 2025
Petrofac Enters Administration as 2,000 North Sea Jobs Face Risk
Oil and gas services firm Petrofac has filed for administration with the High Court, putting over 2,000 jobs at risk. The company, which reached a peak valuation of approximately £6 billion in 2012, saw its value fall to around £20 million when trading was suspended in May The collapse follows a Serious Fraud Office investigation resulting in £77 million in fines and the termination of a major Dutch offshore wind contract.
Reported by Ibtimes · How we write briefs