Last checked at 24 Jan 2018 11:09
Press Release
24 January 2018
BOARD STATEMENT
Petrofac Limited ("Petrofac" or "the Company") announces that it has been informed by its Group Chief Executive Ayman Asfari (Mr Asfari) that the UK High Court of Justice has today handed down a judgment that Mr Asfari was not served process in connection with the administrative sanctions made against him by the Italian National Commission for Companies and the Stock Exchange ("CONSOB"), and therefore has ordered that the Certificate of Service relating thereto should be set aside and annulled.
The UK High Court order will be served on CONSOB, who will have seven days following service to apply to set aside or vary the judgment. Mr Asfari continues to refute all of the charges made against him and is engaged in appeal proceedings in Italy.
Rijnhard van Tets, Petrofac's Chairman, said: "The Board has supported Ayman in his defence from the outset and this decision confirms his assertion that due process was not followed. We hope that a swift conclusion will now be reached to prove that in no way did Ayman act improperly."
The Board attaches a personal statement from Mr Asfari in connection with this issue.
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PERSONAL STATEMENT BY AYMAN ASFARI
"I welcome today's ruling from the High Court which confirms, as I have stated from the outset, that I was never served the CONSOB notice of charges against me, and consequently I was never given the chance to defend myself.
"I have always emphatically maintained that I have done nothing wrong. Whilst I am pleased with today's decision by the UK courts, I have also commenced an appeal process in the Italian courts on both the merits and the procedure of the case, in which I have set out my defence and the evidence that supports it, and will continue to pursue vigorously the fair and swift resolution of this issue in full."
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This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016
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
LEI 2138004624W8CKCSJ177
Notes to Editors
Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil & 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 & gas assets.
With around 12,500 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.