Energy services company Petrofac Ltd on Monday announced the extension of its forbearance agreement with noteholders concerning the non-payment of interest on senior secured notes.

The deadline has been pushed to July 25 from June 30 this year.

‘The forbearance agreement provides an assurance that relevant noteholders will not take any action in respect of the non-payment of the coupon until at least July 25, 2024, in order to provide further time for the group’s financial restructuring to be progressed,’ the company said in a press release.

The agreement is entered into by a group of noteholders representing about 47% of the outstanding notes, increased from 41% at the time of the publication of Petrofac’s annual results.

Petrofac shares were 5.9% higher at 13.77 pence each on Monday morning in London.

source: dpa

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