Petrofac shares sink on suspension notice due to full-year results delay

Petrofac shares were down heavily on Monday after the energy EPC company said its shares would be suspended due to a delay in the publication of its annual report.

Petrofac shares were down around 24% after the company announced it was engaged with the FCA regarding a short delay in publishing the full-year 2023 results, which will now be published on 31st May 2024. Petrofac shares will be suspended from 1st May 2024.

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Alongside the suspension notice, Petrofac announced a trading statement and update on financing, which did little to support Petrofac shares.

Petrofac has secured an additional $300m in financing from secure note holders as it pursues asset sales to improve its financial position.

In a trading statement issued on Monday, Petrofac said EBIT would be around $15m to $20m lower, but its financial performance for the year ending 31st December was otherwise broadly in line with what had already been announced.

“The Board and management are focused on arriving at a comprehensive refinancing solution as quickly as possible. We are encouraged by the engagement with the ad-hoc group of noteholders, which we hope demonstrates momentum in this complex process,” said René Médori, Chairman of Petrofac.

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