Milbank Advises Samsung E&A in Connection with Attempted Restructuring of Petrofac Group

Milbank LLP advised Samsung E&A in connection with the proposed restructuring and subsequent insolvency of Petrofac Limited (in administration) and its subsidiaries (the “Petrofac Group”). Milbank was engaged by Samsung E&A following the Court of Appeal’s judgment in Saipem SpA v Petrofac Ltd, which set aside the sanction of two restructuring plans proposed by members of the Petrofac Group.

Milbank advised on the negotiation of a proposed settlement between Samsung E&A, the Petrofac Group and certain other parties to the restructuring, which was ultimately incapable of being implemented following the entry of Petrofac Limited and certain other members of the Group into administration in October 2025 and thereafter. Subsequently, Milbank advised Samsung E&A on its position with respect to the applicable administration filings and resolution of certain of its contractual arrangements with members of the Petrofac Group.

The Milbank team was led by partners Yushan Ng and Mona Vaswani and associate Ollie Winters, and included partners Tom Canning, David Gartside and associates Diana Dai, Vasiliki Katsarou, Thomas Deakin and George Widdicombe. Former partner Nick Dunstone was also central to the Milbank team during his time at the firm.