UK-based energy services firm Petrofac Limited has requested the High Court of England and Wales to appoint administrators for its ultimate holding company. This step follows the termination of a significant offshore wind contract by Dutch grid operator TenneT Holding B.V.
Petrofac stated that the contract in question was part of a 2 GW program and involved engineering, procurement, construction, and installation (EPCI) for offshore platforms and associated onshore converter stations, all under a framework agreement valued at approximately €13 billion. In October 2025, TenneT informed Petrofac of the termination of its scope of work, citing the contractor’s failure to meet its obligations.
According to a restructuring update issued by Petrofac on 23 October 2025, the board determined that the current financial restructuring plan “is no longer deliverable in its current form” following TenneT’s termination. The company clarified that the administration filing concerns only its group holding company, and its trading operations and subsidiary businesses remain active.
This situation poses a significant threat to Petrofac’s UK operations, particularly its North Sea services hub in Aberdeen, where around 2,000 jobs could be at risk. Worldwide, Petrofac employs approximately 7,300 people.
In its statement, Petrofac mentioned that it has the continued support of key creditors, including its ad hoc group of noteholders and revolving credit/term loan lenders, who are providing forbearance and extending maturities as the company explores alternative restructuring, merger, and acquisition options.
