(Reuters) -Oilfield services provider Petrofac 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.
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.
(Reporting by Ankita Bora in Bengaluru; Editing by Mrigank Dhaniwala and Rashmi Aich)
