Petrofac files for administration after losing major Dutch wind contract

Core Points - Petrofac has applied to the High Court of England and Wales to appoint administrators following the termination of its involvement in a major project by grid operator TenneT [1] Company Summary - Petrofac is an oilfield services provider that has faced significant challenges leading to its decision to seek administration [1] - The termination by TenneT indicates potential issues in project execution and financial stability for Petrofac [1] Industry Summary - The oilfield services industry is experiencing pressures that may lead to increased insolvencies and restructuring as companies navigate project terminations and financial difficulties [1]