North Sea Oil Giant Petrofac’s Shocking Collapse Puts 2,000 Jobs at Risk
Petrofac, a leading services provider to the oil, gas and renewable energy industry, filed for administration on 27 October 2025, after last-ditch restructuring talks fell apartireland-live.ie. The company confirmed it has applied to court to appoint administrators, effectively admitting it cannot meet its obligations without protection from creditorsireland-live.ie. Petrofac stressed that the insolvency filing affects only its top holding entity – all operating subsidiaries will continue to trade while “alternative options” are exploredireland-live.iereuters.com. In an announcement, the firm said administrators will work with management to “preserve value, operational capability and ongoing delivery” across Petrofac’s projectsnews.sky.com.
