Petrofac has announced that it has reached an agreement in principle with SAMSUNG E&A and Saipem regarding their claims relating to the Thai Oil project.
The commercial terms are supported by the Ad Hoc Group of Bondholders, subject to the agreement of longform documents. This agreement will enable the Restructuring to proceed with the consent of those parties.
The Group will now work to conclude discussions with key stakeholders on next steps towards implementation of the Restructuring. It is expected that, subject to receipt of all requisite approvals and satisfaction of conditions, the Restructuring will be completed by the end of November 2025 and the Company will share further details as soon as appropriate to do so, in line with its disclosure obligations.
Source: Petrofac
