petrofac terminated from 2GW programme

major restructuring as well.

Really pity all those that just joined from PET and Sapura . One crisis to another......

Gosh this is big news.. thought MMHE has one platform to be fabrication.. wondering if that changes now.

2 Sister Platforms IJVA and NW1

MMHE in shock but prayers answered la hahaha.... Still, uncertainty is a big topic now

Petrofac has been a horrible maincon to them.

Either ways Petrofac just did a round of mass hirings for the programme in MMHE . Feels bad man

A friend's friend got hired, suppose to onboard soon.. heard they were paying very attractive package but heck it goes up smoke now.

Do you think whoever taking over will maintain MMHE as subcon?

The wind says L&T

you heard here first

This post has been edited by CertifiedHomphobe: Oct 25 2025, 10:28 PM

MMHE works? Damn.. india takes everything? Sad day for Msians

Can L&T really deliver? I bet they will have hiccup in the future. They already have some big portfolio in hand

The Monsoon says Seatrium

you heard it here first

Can subcon to others.. no issue. Haha.. it is good time for L&T to build that portfolio.

L&T and COOEC been Asia tiger in EPC these days.

Since Seatrium is current EPC for same project, i suspect likely Seatrium will get some if not all of Petrofac scope

https://www.energyvoice.com/markets/582793/...er-deliverable/

Thousands of jobs at risk as Petrofac files for administration
Petrofac said it will now enter insolvency after Dutch electricity grid TenneT terminated a major contract

Oil and gas services firm Petrofac has entered administration, jeopardising approximately 2,000 Scottish jobs.

The company's insolvency follows the collapse of restructuring plans, triggered by a failed renewables contract in the Netherlands. Petrofac informed investors on Monday of its application to the High Court for administrators.

The firm employs over 7,000 staff worldwide.

This includes around 2,000 employees from its UK base in Aberdeen, with around 1,200 of these offshore and a further 800 onshore in training and operational roles.

Petrofac said it will now enter insolvency after Dutch electricity grid TenneT terminated a major contract to build windfarms.

https://www.independent.co.uk/news/business...s-b2852876.html

EPC is tough business...

Yes.. most projects are losing money.

Market is volatile.. in term of pricing, logistic, trade wars.. making running mega project extremely cost adverse..

yes..mostly EPCIC / Onshore EPCC projects are losing money huhuh

The thing is they quoted too low during bidding lol.

If not "too low", then project lost huhuh

I recently had the opportunity to chat with a BD Director from NPCC.

His punchline was that you would make more returns putting money in ASB than doing an EPCC Job nowadays. Why would you go through all the hoops and bounds for razor thin margins ?

Another thing he highlighted is that the current market is saturated not only with people under quoting price wise but also nonsensical lead times for LLIs . Apparently they lost the KSCPP project because of a certain EPCC promising they could deliver the TBMs YEARS ahead of the competition ....

Guess what? Lol

Seems like you have to lie and bullshit to get jobs nowadays

This post has been edited by CertifiedHomphobe: Oct 29 2025, 12:54 PM