Petrofac will now receive a $355million (£280million) cash injection as part of a restructuring package that will secure its long-term future.
The energy services company has provided an update on its finances the morning, confirming that its equity raise will be $30million (£23.7million) more than intimated in December.
It is hoped that the deal will put an end to the company's long-running financial worries stemming from a share price collapse a year ago.
It has finalised agreements with key stakeholders to enable it to commence the court proceedings in relation to the restructuring, which will take effect from 31st March.
The firm has also now secured agreements with financial investors to facilitate the release of US$80million (£63million) of cash collateral which will be used to secure a performance bond in respect of a key E&C contract.
In addition, in consultation with key investors and bondholders, the group will offer certain creditors the opportunity to participate in the equity raise by up to an incremental US$25million (£20million), at the same price as other investors.
Almost three-quarters of the company's bondholders have now committed to support the restructuring plan by acceding to the lock-up agreement.
This represents an increase of 16.7% since the launch of the restructuring and constitutes over half of the secured creditor class. Discussions with other secured creditors are continuing.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 12-points at 8,662 shortly after opening this morning.
Brent crude oil futures were down 0.06%, trading at $74.37 a barrel.
Companies reporting today
- ME Group International - Full year results