Last checked at 14 May 2015 13:30
14 May 2015
PETROFAC LIMITED
(the "Company")
BOARD CHANGES
Further to the announcement on 25 February 2015, the Company confirms that Roxanne Decyk will today step down as a Non-executive Director, with Matthias Bichsel joining the Company as a Non-executive Director, following approval by shareholders at today's AGM.
Matthias, who has over 30 years' relevant experience most recently as Director of Projects & Technology at Royal Dutch Shell plc, brings an extensive understanding of the oil and gas industry. He is also Non-executive Director of Sulzer AG and Canadian Utilities Limited.
Rijnhard van Tets, Petrofac's Chairman, commented: "I would like to record the Board's appreciation for Roxanne's contribution to the Board over the last four years and wish her well for the future.
"It also gives me great pleasure to welcome Matthias to our Board, where his considerable oil and gas experience will help to maintain a Board that is strong, well-balanced and multi-disciplinary. We look forward to working with him."
Dr Bichsel commented: "I am delighted to be joining the Board of Petrofac. I very much look forward to bringing to the Boardroom my expertise and experience in risk management across complex business, technology, and the deepwater sector, as Petrofac executes its record project backlog and works to realise its deepwater ambitions."
Committee changes
As a result of the above-noted changes, the Board committees are comprised as follows with immediate effect:
Nominations Committee: Rijnhard van Tets (Chairman), Ayman Asfari, Thomas Thune Andersen, Matthias Bichsel, Kathleen Hogenson and René Médori.
Audit Committee: René Médori (Chairman), Thomas Thune Andersen, Matthias Bichsel and Kathleen Hogenson
Remuneration Committee: Thomas Thune Andersen (Chairman), Matthias Bichsel and Kathleen Hogenson.
The Board, recognising the continued importance of risk management, has agreed that following the departure of Stefano Cao from the Board on 29 April 2015, the role of the Board Risk Committee will be assumed by the full Board.
There are no additional disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA Listing Rules.
For further information contact:
Alison Flynn
Head of Media Relations
Petrofac +44 (0)207 811 4913
alison.flynn@petrofac.com
Tulchan Communications Group LLP +44 (0) 20 7353 4200
Martin Robinson
Stephen Malthouse
petrofac@tulchangroup.com
Notes to Editors
PETROFAC
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 20,000 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.
REMUNERATION ARRANGEMENTS
In accordance with Section 430(2B) of the UK Companies Act 2006, the Company hereby confirms that no payment for loss of office will be made to Ms Decyk in connection with her ceasing to be a Non-executive Director of Petrofac Limited. The Company's Directors' Remuneration Report for the year ending 31 December 2015 will include all fees paid to her during the year.