Today's Edition
LONDON (AFP)
British energy infrastructure group Petrofac announced Monday it has filed for administration following the collapse of a major wind energy deal, potentially putting thousands of jobs at risk.
European electricity grid operator TenneT last week partially cancelled its multi-billion-euro deal with Petrofac to expand offshore wind capacity in the Dutch-German North Sea.
The decision came after Petrofac was unable to "meet its contractual obligations", TenneT said.
Petrofac, which employs more than 7,000 people globally, said the administration plans apply only to its main holding company and that it would continue to trade during the process.
The company has seen its value plummet on the London Stock Exchange, where its shares were suspended in May.
"The government will continue to work with the UK company as it focuses on its long-term future," the spokesperson for the Department for Energy Security and Net Zero added.
Petrofac said it is exploring alternative restructuring solutions, including merger and acquisition options.
