Petrofac extends revolving credit facility
Petrofac said on Tuesday that its lenders have agreed to extend $1bn of its $1.2bn revolving credit facility from 2 June 2020 to 2 June 2021 following an extension request issued earlier this month.
FTSE 250
19,601.98
17:09 25/04/24
FTSE 350
4,434.34
17:09 25/04/24
FTSE All-Share
4,387.94
16:49 25/04/24
Oil Equipment, Services & Distribution
4,928.34
16:30 11/04/24
Petrofac Ltd.
23.54p
16:35 25/04/24
The FTSE 250 oilfield services company, whose shares were rocked recently by news of a criminal investigation into the group by the Serious Fraud office, said the remaining $200m will mature on 2 June 2020.
The SFO is probing Petrofac's business conducted with Unaoil, a Monaco-based consultancy company currently under investigation by the SFO and several other agencies in connection with suspected bribery, corruption and money laundering.
Last week, the group suspended its chief operating officer Marwin Chedid as part of several steps to maintain day-to day operations as it cooperates with the SFO.
At 1100 BST, the shares were up 1.8% to 395.96p.