The oil and energy company Petrofac has filed for administration, putting 2,000 jobs in Scotland at risk.
Petrofac said its holding company has applied to the High Court of England and Wales to appoint administrators – which will only affect the holding company.
It stressed that its North Sea operations will continue to trade, and is exploring options for alternative restructuring and M&A solutions with its key creditors.
According to Sky News, there are hopes that a buyer can be found quickly for its North Sea business, with one suggesting that it could happen in the coming days.
Creditors include a group of noteholders, who are supporting the company with forbearance arrangements while alternative options are explored. Petrofac said it retains the support of its lenders. It added:
When appointed, administrators will work alongside Executive Management to preserve value, operational capability and ongoing delivery across the Group’s operating and trading entities.
