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Administrators to Petrofac, the collapsed oilfield services company, are racing to unafraid a merchantability of its North Sea operations by Christmas - a determination which could savage thousands of British jobs.
Sky News understands that Teneo, which is handling Petrofac's insolvency, received a fistful of bids for its profitable UK concern precocious past week.
City sources said the administrators wanted to motion a woody with a purchaser earlier the extremity of the year.
Petrofac, which was astatine 1 signifier a FTSE-100 company, fell into medication successful October aft a starring European lawsuit cancelled a large declaration with the company.
The individuality of the starring contenders to bargain the UK limb of the concern was unclear connected Thursday, though insiders said the process had been whittled down from a tract of dozens to astir 5 shortlisted bidders.
Petrofac designs, constructs and operates offshore instrumentality for vigor companies.
Its shares were suspended successful April arsenic it sought to unafraid a solvent fiscal restructuring.
Once valued astatine much than £6bn, it has been drowning successful a oversea of debt, and faced a Serious Fraud Office probe which resulted successful a 2021 condemnation for failing to forestall bribery, and the outgo of much than $100m successful penalties.
Sale processes for its different business, including successful the Middle East, are expected to commence successful the caller year.
A spokesperson for the administrators declined to comment.
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