Petrofac shares hit record low after warning it will miss coupon payment
Rewrites throughout with share movement, adds details on bond coupon payment miss in paragraph 5-6
April 29 (Reuters) -Shares in Petrofac PFC.L slid to a record low on Monday after the struggling British oilfield services firm warned it would miss a bond coupon payment due next month and forecast higher losses in its largest unit for 2023.
Petrofac's shares were among the top losers across all London stocks, dropping as much as 36.4% to 14 pence. They are down 53% so far in 2024.
The shares have been hit in recent years by a UK Serious Fraud Office investigation, a string of profit warnings related to legacy contracts, and payment delays and cost overruns at its largest unit, Engineering & Construction.
The company said on Monday it did not expect to make the payment of the bond coupon due May 15, and delayed the publication of its 2023 annual results, expected this month, to May 31.
A group of its noteholders that make up 41% of the outstanding notes have agreed not to take any action on non-payment until at least June 30, Petrofac said, as it engages with the other parties in coming weeks.
It said the group of noteholders had offered to provide $300 million in fresh credit to help it secure performance guarantees on some existing contracts.
The company also said it expects to clock an incremental loss of about $130 million in the engineering and construction unit for 2023.
The update comes as the company mulls ways to improve its balance sheet and preserve liquidity, including the sale of non-core assets.
Non-binding offers have landed for its share in the PM304 Production Sharing Contract (PSC) in Malaysia, the process for which could be completed in the third quarter of this year, the firm said on Monday.
Reporting by Eva Mathews in Bengaluru; Editing by Savio D'Souza and Jan Harvey
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