Oil and gas services giant Petrofac is pushing back the publication of its full-year financial results to mid-April at the latest due to challenges presented by the Covid-19 pandemic, the company said.
Petrofac had been due to publish its annual results on 24 February.
“This rescheduling is due to the heightened challenges in preparing and auditing financial information during the ongoing Covid-19 pandemic, which has resulted in restrictive lockdown measures,” Petrofac said.
This decision follows a joint announcement by the UK’s Financial Conduct Authority and Financial Reporting Council, which has encouraged companies to make use of extensions for filing accounts amid the “unique set of circumstances arising from Covid-19”.
It also come after Petrofac earlier this week issued £300 million ($410 million) in commercial paper — a form of short-term debt — under the Bank of England’s Covid Corporate Financing Facility (CCFF), the maximum amount it is eligible to issue.
The CCFF was launched in March to help businesses with high-grade credit ratings bridge temporary disruption to their cash flows brought about by Covid-19.
The new securities have a maturity of 12 months.