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 Kingdom52NEUTRALView United Kingdom risk detail ββ‘Energy62REDUCE| Ticker | Company | Score | Gap | Signal Ξ | Action |
|---|---|---|---|---|---|
| KMI | Kinder Morgan, Inc. | 63 | +6% | β89% | WATCH |
| ET | Energy Transfer LP | 63 | +7% | β89% | WATCH |
| WDS | Woodside Energy Group Ltd | 60 | +10% | β89% | EARLY |
| SU | Suncor Energy Inc. | 60 | +14% | β89% | EARLY |
| CVE | Cenovus Energy Inc. | 60 | +17% | β89% | EARLY |
| SNP | China Petroleum & Chemical Corporation (Sinopec) | 60 | +8% | β89% | NEUTRAL |
| PTR | PetroChina Company Limited | 60 | +8% | β89% | NEUTRAL |
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