The recent collapse of Petrofac, a once-renowned British engineering and construction giant, has sent ripples across the global energy sector, particularly in the Middle East. The company, which played a pivotal role in developing key infrastructure in the Gulf, is now under court-appointed administration following the cancellation of a €2 billion offshore wind contract in the Netherlands. This decision has left its parent company in financial turmoil, with its shares delisted from the London Stock Exchange and its future hanging in the balance.
Petrofac’s downfall, shock administration send ripples across Gulf energy sector
