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Petrofac Ltd’s board is holding emergency talks this weekend as it has lined up Teneo for an administration process which could be confirmed as early as Monday morning, Sky News reported Saturday. A potential collapse of the energy infrastructure company with core markets in the Middle East and North Africa could lead to the loss of over 2,000 jobs in Scotland. One industry executive said a decision to file for administration was likely to be taken before the stock market opens on Monday, Sky News said. On Thursday, Petrofac had announced that its planned restructuring was ‘no longer deliverable in its current form,’ adding that it was in close and constant dialogue with key creditors and other stakeholders as it pursued alternative options for the company. This was after TenneT, an operator of electricity grids, cancelled a contract. Petrofac shares have been suspended in London since May 1 as it has not published its 2024 results. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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