Petrofac administration not a great start to the week for Ed Miliband though relief could come

It's not the commencement to the week that Ed Miliband, the vigor secretary, would person been hoping for: much than 2,000 backstage assemblage jobs successful Scotland astatine hazard from the illness of Petrofac, the London-listed oilfield services group.

Its slide into insolvency was triggered by past week's cancellation of a large declaration by its biggest customer, but the nonaccomplishment of a institution erstwhile valued astatine much than £6bn has been a agelong clip coming.

Money blog: 'We support UK from attack, our salaries tin beryllium limitless'

Administrators astatine Teneo volition now effort to salvage what they tin from Petrofac's wreckage.

"The group's operations volition proceed to trade, and options for alternate Restructuring and [sale] solutions are being actively explored with its cardinal creditors," Petrofac said connected Monday morning.

"When appointed, administrators volition enactment alongside Executive Management to sphere value, operational capableness and ongoing transportation crossed the Group's operating and trading entities."

For thousands of employees, the aboriginal is present uncertain, though radical adjacent to the institution accidental they are hopeful that a purchaser tin beryllium recovered swiftly for its North Sea operations, with 1 suggesting that it could adjacent hap successful the coming days.

That would beryllium a alleviation to Mr Miliband, whose vigor argumentation has travel nether increasing scrutiny successful caller months amid dire warnings astir the aboriginal of Britain's offshore lipid industry.