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The board of oilfield services provider Petrofac PFC has lined up Teneo to act as administrator, a move which could be triggered as early as Monday morning and imperil more than 2,000 jobs in Scotland, Sky News reported on Saturday. Petrofac's board, chaired by former Anglo American finance director Rene Medori, is holding emergency talks this weekend, Sky News said, without citing its sources. Petrofac did not immediately respond to Reuters' request for comments outside regular business hours. On Thursday, Petrofac said that it is in close and constant dialogue with key creditors and is actively pursuing alternative options. Earlier this month, Petrofac said its ongoing restructuring will leave existing shareholders with no residual value, as it moves to complete the process by the end of November. Petrofac is restructuring its finances under pressure from rising costs and delayed payments, a move that reflects wider challenges facing oilfield services firms in a volatile energy market. The company, which has operations around the world, develops and operates infrastructure for oil, gas, refining, petrochemicals, and renewable energy.
