UK oilfield services firm Petrofac files for administration
Petrofac, a major UK-based oilfield services company, has filed for administration after failing to turn things around financially.
The tipping point came when a key Dutch energy project was canceled—leaving Petrofac short on much-needed cash even after landing over $1.5 billion in new contracts earlier this year.
Management and creditors are currently exploring options
Even though the company is in administration, Petrofac's teams are still working and delivering on big projects while management and creditors explore options like restructuring or a possible sale.
They've actually been trying to sort things out with creditors for some time, but shifting circumstances kept pushing back any final deal.
Termination of a key contract by TenneT was the trigger
What really pushed Petrofac into administration was the termination of a major contract by TenneT, its biggest customer, in the week prior to October 27, 2025.
Still, despite all the financial stress, the company's business units remain active and are carrying on with their major commitments.