Petrofac files for administration: how the FTSE 100 energy firm sunk into decline

Core Insights - Offshore energy firm Petrofac has filed for administration due to financial strain and the termination of a major contract with Dutch grid operator TenneT, affecting 2,000 jobs in Scotland [1] Company Summary - Petrofac has experienced a challenging financial year, leading to its decision to file for administration [1] - The termination of a significant contract with TenneT has been a critical factor in the company's financial difficulties [1] - The administration filing puts approximately 2,000 jobs at risk in Scotland, highlighting the potential impact on the local economy [1] Industry Summary - The offshore energy sector is facing increased pressures, as evidenced by Petrofac's situation, which may indicate broader challenges within the industry [1] - The loss of major contracts, such as the one with TenneT, suggests potential volatility and risk for companies operating in this space [1]