Petrofac Limited: Update on Restructuring Progress

Petrofac Limited has provided an update on its ongoing restructuring efforts. The company is advancing discussions with SAMSUNG E&A and Saipem over claims related to the Thai Oil project. Petrofac aims to finalize the restructuring by the end of November 2025.

The company is exploring multiple restructuring routes, which could lead to existing shareholders retaining no residual value. The final decision on the implementation route will depend on input from funding parties and key creditors, beyond the company’s sole discretion. Petrofac commits to sharing further details in due course, adhering to its disclosure obligations.

Petrofac's core operations span the MENA region and the UK North Sea, employing 7,300 people in 31 offices worldwide. The company is a key player in designing and maintaining energy infrastructure, currently witnessing a suspension of share trading pending its full-year 2024 audited accounts.