Oil and gas company Petrofac is set to go into administration and thousands of jobs are at risk in the firms North Sea hub in Scotland.
Petrofac employs more than 7,000 people globally and on Monday the oil and gas company informed investors they have made an application to the High Court to appoint administrators.
It is expected that corporate finance company, Teneo are expected to advise over the administration.
“When appointed, administrators will work alongside executive management to preserve value, operational capability and ongoing delivery across the group’s operating and trading entities,” Petrofac said.
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