Petrofac Limited (LSE:PFC) is moving closer to reaching a binding agreement with SAMSUNG E&A and Saipem regarding claims tied to the Thai Oil project, as part of its broader restructuring initiatives. The company is targeting completion of the restructuring by the end of November 2025, exploring several potential approaches, some of which may not preserve residual value for existing shareholders. The ultimate plan will depend on feedback from key creditors and funding partners.
About Petrofac
Petrofac is a global energy services provider specializing in the design, construction, operation, and maintenance of oil, gas, refining, petrochemical, and renewable energy facilities. Its operations are concentrated in the Middle East, North Africa, and the UK North Sea, with additional activities in India, Southeast Asia, and the United States. Petrofac is listed on the London Stock Exchange, though its shares are currently suspended.
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