Offshore energy firm Petrofac has filed for administration. The energy services provider, which employs about 2,000 people in Scotland, said its North Sea business would continue to operate as normal. In a statement, the group said it had applied to appoint administrators for its holding company, but that alternative restructuring options were being explored. It added that administrators would work to “preserve value, operational capability and ongoing delivery”. The decision comes after Dutch grid operator TenneT terminated a major offshore wind contract with Petrofac, which has been undergoing a financial restructuring over the past year. The firm, which has UK offices in Aberdeen, London, Woking and Great Yarmouth, said further information on the administration process would be provided in due course.Founded in Texas in 1981, Petrofac designs and builds facilities for oil, gas and renewables projects, as well as providing engineering, project management and logistical services. Once a FTSE 100 company, its value has dropped in recent years due to a a serious fraud investigation and a series of profit warnings.The firm has cited delays in contract payments and rising operating costs.
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Oil firm Petrofac files for administration
