Petrofac's restructuring overhang persists with debt covenants tight despite a recovering Middle East E&C market. Legacy contract losses and SFO settlement costs continue to weigh on cash. New order intake is positive but margins remain compressed versus pre-crisis levels. Equity dilution risk from refinancing remains a binding constraint on valuation.
Thesis reviewed May 29, 2026
Petrofac Limited is headquartered in United Kingdom, which is currently showing moderate signals.
π¬π§United Kingdom67NEUTRALView United Kingdom risk detail ββ‘Energy77REDUCE| Ticker | Company | Score | Gap | Signal Ξ | Action |
|---|---|---|---|---|---|
| WDS | Woodside Energy Group Ltd | 72 | +10% | β61% | WATCH |
| SU | Suncor Energy Inc. | 72 | +14% | β61% | WATCH |
| CVE | Cenovus Energy Inc. | 72 | +17% | β61% | WATCH |
| PTR | PetroChina Company Limited | 72 | +8% | β61% | NEUTRAL |
| ECOPETROL | Ecopetrol S.A. | 72 | +7% | β61% | NEUTRAL |
| TTE | TotalEnergies SE | 72 | +10% | β61% | WATCH |
| FTI | TechnipFMC plc | 72 | +20% | β61% | WATCH |
Investors who hold PFC may also have indirect exposure through these country funds.
Petrofac in talks with bondholders on debt restructuring
Middle East E&C tendering active but margin discipline holds