Petrofac strikes deal over Thai oil project claims

(Sharecast News) - Petrofac said on Thursday that it has reached an agreement in principle with Samsung E&A and Saipem over claims linked to the Thai oil project, marking a key step towards completing its planned restructuring. The oilfield services group said its ad hoc group of bondholders, subject to finalising documentation, supported the commercial terms of the agreement.

It said the deal cleared the way for its wider restructuring plan to proceed with the consent of the involved parties.

The company added that it would now work on discussions with key stakeholders over the next steps towards implementing the restructuring, which it expected to complete by the end of November, subject to approvals and conditions being met.

"Petrofac will share further details as soon as appropriate to do so, in line with its disclosure obligations," the group said.

Petrofac, which designs, builds and maintains oil, gas and renewable energy infrastructure, remains suspended from trading on the London Stock Exchange pending the publication of its full-year 2024 audited accounts.

Reporting by Josh White for Sharecast.com.