Sky News reports that UK's Petrofac has appointed a new administrator

Sky News reported that the board of Petrofac, an oilfield services provider, has appointed Teneo as administrator. This move could take place as soon as Monday morning, and threaten more than 2,000 Scottish jobs, Sky News said on Saturday.

Sky News reported that the Petrofac board is holding urgent talks this weekend. The board will be chaired Rene Medori who was formerly Anglo American's finance director. Sky News did not cite its sources.

Petrofac has not responded to the request for comment made outside of regular business hours.

Petrofac announced on Thursday that it has been in constant and close contact with its key creditors, and that they are actively exploring alternative options.

Petrofac announced earlier this month that its ongoing restructuring would leave existing shareholders without any residual value as it works to complete the process before the end of November.

Petrofac has restructured its finances due to rising costs and late payments. This reflects the wider challenges that oilfield service firms face in an unstable energy market.

The company has offices around the globe and develops and operates infrastructures for oil, natural gas, refining and petrochemicals.

(source: Reuters)