Petrofac announced that it has extended USD 700 million of its banking facilities, at its request, with the unanimous support of lenders. These extensions comprise a USD 610 million extension of its existing revolving credit facility to 2 June 2022, with an option to extend for a further six months, and a USD 90 million extension of its bilateral term facility with Abu Dhabi Commercial Bank to 1 April 2022. The increase in margin on these facilities reflects market conditions and remains competitive. Existing financial covenants remain unchanged and will be tested on a quarterly basis. In line with our liquidity policy, the extended revolving credit facility includes a minimum liquidity covenant of USD 100 million. The revised facilities of USD 700 million represent a reduction in facility size of USD 450 million, in line with business requirements and reflecting the Group's transition to a capital light business model. Both facilities were due to be repaid or prepaid on or before 2 June 2021. The extension of these facilities, together with the issue of £300 million in commercial paper under the Covid Corporate Financing Facility in February 2021, preserve the Group's strong liquidity position which was USD 1.3 billion at 31 March (before the reduction in facility size announced in this release).