Core Viewpoint - Petrofac, a UK-listed oilfield services group, has filed for administration after the termination of its largest contract with Dutch electricity grid operator TenneT, following years of restructuring and cost-cutting efforts [1][2]. Group Summary - Petrofac's directors have applied to the High Court of England and Wales to appoint administrators to manage the company and preserve its operational capabilities [2][4]. - The termination of the contract was due to Petrofac's inability to meet its contractual obligations, which led TenneT to partially terminate the agreement related to the 2GW program [3][4]. - TenneT had signed a framework cooperation agreement in March 2023 with Petrofac and Hitachi Energy for six 2GW projects, but the recent developments have jeopardized Petrofac's role in these projects [3][4]. - The collapse of Petrofac puts over 2,000 jobs at risk in Scotland, highlighting the potential impact on the local economy [4]. - There are hopes that Petrofac's North Sea operations could attract a buyer, as the UK government faces pressure to avoid policies that could further decline North Sea oil and gas production [5].