Thousands of North Sea jobs saved after Petrofac rescue deal [Yahoo! Finance]
PETROFAC LTD ORD (POFCF)
NASDAQ:AMEX Investor Relations:
petrofac.com/en-gb/investors
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Source: Yahoo! Finance
In a rescue deal announced on Christmas Eve, Texas-based Chicago Bridge & Iron Company (CB&I) has taken over Petrofac's Aberdeen-based engineering and operations arm. It comes after the business was plunged into uncertainty this year when the Petrofac holding company entered administration. This stemmed from financial challenges across its global operations, as its UK arm was deemed profitable. Petrofac's North Sea division manages platforms for oil and gas giants such as BP, Shell, Ithaca and EnQuest. It is also responsible for building and maintaining a series of UK wind farms. The threat of collapse had alarmed Government officials owing to its importance to both the North Sea oil and gas industry and Ed Miliband's net zero ambitions Announcing the deal on Wednesday, Tareq Kawash, the chief executive of Petrofac, said: “This is a great outcome for the Petrofac Asset Solutions business, supporting job security for 3,000 talented team members.” CB&I is a leading global d
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