The board of London-listed energy services company Petrofac has selected Moelis & Company and Teneo as advisors to its major restructuring overhaul.
Petrofac, a company that offers services related with oil and other energy infrastructure, recently announced that it is exploring the sale of non-core assets in order to address a reduction in cash flow.
According to Petrofacs chief executive officer Tareq Kawash, the board is examining a range of strategic and financial options with the objective of materially strengthening the companys balance sheet, securing bank guarantees and improving short-term liquidity.
A key aim of this review is to protect the interests of Petrofacs shareholders, creditors and employees while the Group continues…
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