Oct 17 (Reuters) - Oilfield services provider Petrofac (PFC.L) , opens new tab said on Friday its ongoing restructuring would leave existing shareholders with no residual value, as it moves to complete the process by November-end.

Petrofac is restructuring its finances under pressure from rising costs and delayed payments, a move that reflects wider challenges facing oilfield service firms in a volatile energy market.

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It said its chosen restructuring route, aimed to support operational capability and ongoing delivery, is progressing well, with a lock-up agreement expected shortly.

The company develops and operates infrastructure for oil, gas, refining, petrochemicals, and renewable energy.

In its October 1 update, Petrofac had said it was pursuing multiple restructuring routes, some potentially leaving shareholders with no residual value, and that the final path would be determined by creditor input.

https://www.reuters.com/business/energy/uks-petrofacs-restructuring-plan-leave-shareholders-empty-handed-2025-10-17/