Petrofac UAE, the British energy company, which laid off its 180 employees last week, has announced that its UAE operations are continuing with teams supporting Adnoc’s ongoing energy projects.
“Operations across Petrofac’s portfolio in the UAE are progressing as normal, with our teams continuing to support Adnoc in delivering its evolving energy goals,” according to an official statement issued by the company on Thursday.
Petrofac was considered one of the top energy service firms with a market value that once exceeded Dh27.5 billion, but collapsed due to financial pressure incurred after the collapse of a crucial offshore wind contract. Last week, the company summoned over 180 of its employees for a Town Hall, after which they were laid off.
The confirmation comes as the firm announced it was planning to place Petrofac International Limited (PIL) into administration, extending the court-supervised insolvency process beyond its UK parent company. PIL historically oversaw much of Petrofac’s engineering and construction activity across the Middle East and North Africa. The group noted that the entity no longer holds active contracts. “The Group intends to redeploy PIL’s 120 staff to other Group companies wherever possible,” Gulf News quoted the company.
Petrofac also reaffirmed that group operations remain operational across key markets. “The Group’s operations will continue to trade. Petrofac continues to advance options for alternative restructuring and M&A solutions with key creditors,” the company stated.
This comes amid reports that the company promised its staff that it would issue a full settlement breakdown statement before December 3.
