The British oil and energy services group Petrofac, whose finances worry investors, fell by more than 28% on Friday April 12 morning in London after announcing that discussions with its creditors could lead to "the exchange of a significant proportion debt for equity.
The group is also "in discussions with potential investors and certain major shareholders regarding possible additional investments (...) and remains in negotiations with potential buyers regarding the sale of non-core assets", according to a press release.
Petrofac shares on the London Stock Exchange plunged 28,51% to 23,82 pence on Friday around 09:00 GMT. The stock has lost three quarters of its value over the last three years, a period also marked by a fine at the end of 2021 for corruption on contracts in the Middle East.
However, the company recalls having an order book of 8 billion dollars and indicates that it wants to “guarantee that Petrofac has the appropriate capital structure and liquidity” to cope.
Petrofac was notably selected alongside the Japanese Hitachi Energy a little over a year ago by the Dutch TenneT for a 13 billion euro framework agreement in wind power, in which it has already been awarded, since then, two contracts.
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