Company Overview - Petrofac is a leading offshore oil and gas contractor in the UK, employing 8,000 people globally and providing operational and construction services for major clients such as Shell, BP, Ithaca Energy, and TotalEnergies [2][4] - The company is responsible for the safe maintenance and operations of offshore platforms and holds the legal duty of care for at least two platforms [2] Current Crisis - The company is facing a potential collapse due to the loss of a key contract, which has pushed it to the brink of administration, prompting crisis talks with lenders [1][3] - A restructuring deal that had been in the works for a year collapsed after Petrofac's largest client canceled a multibillion-pound contract worth approximately £11 billion for offshore platforms and onshore converter stations [5] Industry Implications - The potential collapse of Petrofac poses significant risks for the UK Government, as it would be responsible for costs associated with any incidents on Petrofac-managed platforms [3] - Analysts suggest that the company's financial troubles, particularly in its Gulf-based engineering division, may lead to a breakup of the group, with parts likely to be sold off [4][6]