Petrofac files for administration amid financial challenges

US-based energy services company Petrofac has initiated administration proceedings for its holding company, as reported by the BBC. With approximately 2,000 employees in Scotland, the company assured that its North Sea operations would remain unaffected. In its statement, Petrofac confirmed the application for administrators while also considering other restructuring possibilities. The appointed administrators aim to maintain value, operational capability, and ongoing service delivery. This action foll ...