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Home > Finance > UK's Petrofac secures court approval for $355 million funding boost

Finance

UK's Petrofac secures court approval for $355 million funding boost

Published by Global Banking and Finance Review

Posted on May 20, 2025

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(Reuters) -British oilfield services provider Petrofac on Tuesday said it has secured High Court approval for its restructuring plan, unlocking $355 million in funding to significantly reduce its debt.

The embattled firm struggled with cost overruns and payment delays for most of last year, leading to multiple profit warnings in the past year.

(Reporting by Yamini Kalia in Bengaluru)

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