Last checked at 14 Dec 2017 07:00
Press Release
14 December 2017
BOARD CHANGES
Petrofac Ltd ("Petrofac" or "the Company") today announces that it has appointed Sara Akbar as a Non-executive Director with effect from 1 January 2018.
Mrs Akbar, who holds a BSc in Chemical Engineering from Kuwait University has more than 30 years' experience in the oil and gas industry. She is founder of and until recently the Chief Executive Officer of Kuwait Energy KSC, which she set up in 2005 to exploit the opportunity for an independent Engineering and Production company in the MENA and Eurasia regions. Prior to that Ms Akbar was New Business Development Manager for Kuwait Foreign Petroleum Exploration Company, and served in various positions in the oil and gas industry in Kuwait and internationally from 1981 to 1999.
As previously announced, Non-executive Director Thomas Thune Andersen will step down from the Board after a seven-year tenure, also effective 1 January 2018.
Petrofac's Chairman Rijnhard van Tets said: "We are delighted to welcome Sara to the Board. She is very well known in the industry both in Kuwait and internationally, and her unique insight into the Middle East, along with her significant operating experience in the region, is a very complementary fit to our existing Board. My fellow Non-executive Directors and I look forward to working with Sara.
"I would also like to record the Board's appreciation to Thomas for his contribution over the past seven years, including his Chairmanship of the Remuneration Committee and membership of the Nominations and Audit committees. We have benefited enormously from his depth of industry knowledge and the level of commitment and support he has given during his tenure."
Ms Akbar said: "I look forward to bringing my detailed knowledge of the MENA region to the Board table to support Petrofac's continued successful execution of its strategy in the region and beyond."
Thomas Thune Andersen said: "I would like to record my thanks to Rijnhard and the Board, and Ayman and the executive team, and wish them success in continuing to deliver Petrofac's strategy."
Committee changes
As a result of the above-noted changes, with effect from 1 January 2018, Matthias Bichsel will become Chairman of the Remuneration Committee. Further changes to Nominations, Remuneration and Audit committees will be advised in due course.
There are no additional disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA Listing Rules.
Ends
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil and gas assets.
With around 13,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.
For additional information, please refer to the Petrofac website at www.petrofac.com.