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Petrofac agrees restructuring deal with Samsung and Saipem

12 September 2025

The UK-based engineering company Petrofac has announced that it has reached an agreement in principle with South Korea’s Samsung E&A and Italy’s Saipem that will allow the company to restructure.

The announcement comes more than two months after an appeals court in the UK ruled against Petrofac’s restructuring plans and in favour of Samsung E&A and Saipem.

The dispute between the three firms, which all have a significant presence in Middle East oil and gas projects, is centred on Petrofac’s participation in the $4bn Thai Oil clean fuels project.

Petrofac said that the commercial terms of the new agreement between the three companies have been supported by an “Ad Hoc Group” of bondholders.

This refers to a group of senior secured creditors that backstopped the original restructuring plan earlier this year.

Petrofac has said that it will now “work to conclude discussions with key stakeholders on next steps towards implementation of the restructuring”.

It added that, “subject to receipt of all requisite approvals and satisfaction of conditions”, it expects its restructuring to be completed by the end of November 2025.

Petrofac did not give any details about what commercial terms had been agreed with Samsung E&A and Saipem.

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