Mon, 27 Oct 2025

Mon, 27 Oct 2025 North Sea oil and gas firm Petrofac files for administration

The energy services provider, which had been undergoing a financial restructuring, employs about 2,000 people in Scotland.

* Petrofac has filed for administration.
* The company's North Sea business will continue to operate as normal.
* Administrators have been appointed to "preserve value, operational capability and ongoing delivery".
* Petrofac cited delays in contract payments and rising operating costs as reasons for its financial struggles.
* The decision comes after Dutch grid operator TenneT terminated a major offshore wind contract with Petrofac.
* The company's shares were suspended at £20m, down from a peak of around £6bn in 2012.
* Petrofac employs around 2,000 people in Scotland and has UK offices in Aberdeen, London, Woking and Great Yarmouth.
* The firm is involved in the operation of North Sea oil platforms for firms including BP and Shell.
* A company spokesman said: "Petrofac has a number of fundamentally strong businesses and we are focused on delivering the best possible outcome for them through this process."
* The Aberdeen and Grampian Chamber of Commerce expressed concern about the announcement, saying it was an "already worrying time" for the North Sea supply chain.
* Scottish Conservative energy spokesman Douglas Lumsden accused the UK and Scottish governments of abandoning oil and gas workers.
* Scotland's First Minister John Swinney called on the UK government to "urgently revisit" a 78% windfall tax on North Sea oil and gas profits.
  >>