Petrofac Limited (LSE:PFC) has reached an agreement in principle regarding claims for the Thai Oil project from Samsung E&A and Saipem, which will allow it to complete its restructuring.
The commercial terms proposed are supported by the 'Ad Hoc Group' of bondholders, subject to the agreement of long-form documents.
"This agreement will enable the restructuring to proceed," the company said, with the consent of those parties, with the bondholder group in talks with key stakeholders on the next steps.
Petrofac said it expects the restructuring to be completed by the end of November.
The shares have been suspended since April.