Directors to Petrofac, the collapsed oilfield providers firm, are racing to safe a sale of its North Sea operations by Christmas – a transfer which might savage 1000’s of British jobs.
Metropolis sources mentioned the directors wished to signal a cope with a purchaser earlier than the top of the 12 months.
Petrofac, which was at one stage a FTSE-100 firm, fell into administration in October after a number one European buyer cancelled a serious contract with the corporate.
The id of the main contenders to purchase the UK arm of the enterprise was unclear on Thursday, though insiders mentioned the method had been whittled down from a discipline of dozens to roughly 5 shortlisted bidders.
Petrofac designs, constructs and operates offshore gear for vitality firms.
Its shares had been suspended in April because it sought to safe a solvent monetary restructuring.
As soon as valued at greater than £6bn, it has been drowning in a sea of debt, and confronted a Critical Fraud Workplace investigation which resulted in a 2021 conviction for failing to forestall bribery, and the cost of greater than $100m in penalties.
Sale processes for its different enterprise, together with within the Center East, are anticipated to begin within the new 12 months.
A spokesman for the directors declined to remark.
