Petrofac Regulatory News (PFC)

29 April 2015

Petrofac Limited (the "Company")

Board Changes

Petrofac, the international oil & gas facilities service provider, today announces that Stefano Cao, who has been a Non-executive Director since May 2010, has resigned from the Board and has stepped down with immediate effect pending his appointment as Chief Executive Officer of Saipem SpA on 30 April 2015.

Stefano Cao commented: "I am very sad to be stepping down from the Board of Petrofac, a company which I believe has a strong future. I have been offered a unique opportunity to lead a company at which I previously spent 25 years of my career. I would like to record my thanks to Rijnhard and the Board, and Ayman and the executive team, and wish them great success in delivering the strategy."

Rijnhard van Tets, Petrofac's Chairman, commented: "I would like to record the Board's appreciation for Stefano's contribution to the Board and the Board Risk Committee over the last five years. We have benefitted enormously from his deep industry knowledge and keen engagement in our discussions around the Board table. We wish him well for the future, in what I expect to be a fulfilling role."

ENDS

For further information contact:

Petrofac Limited +44 (0) 207 811 4900

Jonathan Low, Head of Investor Relations

Alison Flynn, Head of Media Relations

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 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. 

ANNUAL GENERAL MEETING

As a result of this notification, Stefano Cao will not be standing for re-election as a director at Petrofac's Annual General Meeting on 14 May 2015 and accordingly, it is proposed that Resolution 7 will be withdrawn at the meeting.

BOARD COMMITTEE CHANGES

Following this above-noted change, the Board committees will be updated and changes announced following the Company's AGM on 14 May 2015.

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 Mr Cao in connection with his 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 him during the year.