Petrofac Regulatory News (PFC)

Press Release

21 October 2016

BOARD CHANGES

Petrofac, the international oil and gas service provider, announces the following changes to its Board of Directors.

Chief Financial Officer

Further to the announcement on 30 August 2016, the Company is pleased to confirm the appointment of Alastair Cochran as Chief Financial Officer and Executive Director, succeeding Tim Weller, with effect from 20 October 2016. The Company hereby confirms that Mr Weller has now left the Company and stepped down from the Board.

Non-executive Directors

Petrofac also confirms that Non-executive Director Kathleen Hogenson will step down from the Board with effect from 31 October 2016 and that Jane Sadowsky will join the Board as a Non-executive Director on 1 November 2016.  

Ms Sadowsky is currently Managing Partner of Gardener Advisory LLC, a consulting firm focused on providing services to the power, utility and infrastructure sectors. Ms Sadowsky brings an in-depth experience of structuring cross-border joint ventures, financing advice and general strategic work gained during a career of over 20 years in investment banking. She currently sits on the boards of Yamana Gold Inc and the NY ISO as a non-executive director.

Rijnhard van Tets, Petrofac's Chairman, commented: "I would like to record the Board's appreciation for Kathleen's contribution to the Board and wish her well for the future. It also gives me great pleasure to welcome Jane to our Board, and we very much look forward to the contribution that her strategic perspective and expertise in capital structure and financing will make in our boardroom."

Kathleen Hogenson commented: "I would like to record my thanks to the Board and executive team. Petrofac is a strong business and I have no doubt the team will continue to be successful in delivering on its strategy."

Ms Sadowsky commented: "I am delighted to be joining the Board of Petrofac and look forward to contributing to the debate in a company with an entrepreneurial spirit, innovative approach, and determination to achieve operational and technical excellence."

Committee changes

As a result of the above-noted changes, with effect from 1 November 2016, the Board committees will be comprised as follows:

Nominations Committee: Rijnhard van Tets (Chairman), Ayman Asfari, Andrea Abt, Thomas Thune Andersen, Matthias Bichsel, René Médori, George Pierson and Jane SadowskyAudit Committee: René Médori (Chairman), Thomas Thune Andersen, Matthias Bichsel, George Pierson and Jane Sadowsky

Remuneration Committee: Thomas Thune Andersen (Chairman), Andrea Abt and Matthias Bichsel. 

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 Edwards, Investor Relations Manager

Alison Flynn, Group Head of Communications +44 (0) 207 811 4913

Tulchan Communications Group Ltd +44 (0) 207 353 4200

Stephen Malthouse

Martin Robinson

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 18,000 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.