More than 2,000 Scotland-based jobs are at risk after oil and energy services group Petrofac filed for administration.
The company announced on Monday that its operations will continue while restructuring, merger, and acquisition options are being explored with key creditors, News.Az reports, citing Sky News.
Administrators will work closely with company management to “preserve value, operational capability and ongoing delivery,” Petrofac said in a statement.
Energy Secretary Ed Miliband and other UK ministers have been briefed on the situation. The Department for Energy Security and Net Zero has engaged advisory firm Kroll to work with ministers and officials as the crisis unfolds.
Petrofac employs around 7,300 people globally, according to a recent stock exchange filing. The company is known for designing, constructing, and operating offshore equipment for major energy firms.