Petrofac Regulatory News (PFC)

8 Mar 2010 07:01

Press Release8 MARCH 2010 PETROFAC LIMITED DIRECTORATE/BOARD COMMITTEE CHANGES

A number of changes are proposed in respect of Petrofac's Board composition and committee memberships.

DIRECTORATE CHANGES

The Board of Petrofac is recommending that shareholders approve the appointment of new Board directors at its Annual General Meeting to be held on 13 May 2010. If approved by shareholders, Thomas Thune Andersen and Stefano Cao will join the Board on 13 May 2010 as independent Non-executive Directors. Bernard de Combret and Michael Press intend to step down from the Board at the conclusion of the Annual General Meeting.

Commenting on these proposed appointments, Rodney Chase said: "We would be delighted to welcome both Thomas and Stefano to our Board. They both have considerable experience in the oil & gas sector which will be invaluable as we continue on our growth journey. I would like to thank our long-serving directors, Michael and Bernard for their significant contributions to the work of the Petrofac Board since they joined in 2002 and 2003, respectively."

Kjell Almskog will be appointed Senior Independent Director.

In addition, and as previously announced on 4 March 2010, it is anticipated that Amjad Bseisu will step down from the Board in April 2010 subject to being appointed Chief Executive of EnQuest PLC and the successful listing of shares of that company.

BOARD COMMITTEE CHANGES

Subject to the appointments of Mr Andersen and Mr Cao at the Annual General Meeting, the Board Committees will be comprised as follows with effect from 13 May 2010:

Nominations Committee: Rodney Chase (Chairman), Ayman Asfari, Kjell Almskog, Thomas Thune Andersen, Stefano Cao and Rijnhard van Tets

Audit Committee: Rijnhard van Tets (Chairman), Kjell Almskog and Thomas Thune Andersen

Remuneration Committee: Thomas Thune Andersen (Chairman), Kjell Almskog and Stefano Cao

Risk Committee: Stefano Cao (Chairman), Kjell Almskog and Rijnhard van Tets

In accordance with Listing Rule 9.6.15, it is confirmed that there are no details to be disclosed in respect of either Thomas Thune Andersen or Stefano Cao pursuant to Listing Rule 9.6.13.

Ends

For further information, please contact:

Petrofac Limited +44 (0) 20 7811 4900Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerJonathan Low, Head of Investor RelationsTulchan Communications Group Ltd +44 (0) 20 7353 4200James BradleyDavid Allchurchpetrofac@tulchangroup.comNotes to EditorsBiographies:Thomas Thune Andersen

Having spent over 30 years with the A.P. M¸ller-M¦rsk group, Thomas Thune Andersen retired from the company in 2009. Thomas held a number of very senior positions at M¸ller-M¦rsk most latterly as Chief Executive of M¦rsk's oil and gas division between 2004 and 2009. He served both on the main board of M¦rsk and its executive committee from 2005 to 2009. Thomas serves as a non-executive director of Scottish & Southern Energy Plc. Age 55.

Stefano Cao

Stefano Cao has more than 32 years' experience in the oil and gas industry. He spent 24 years at Saipem Spa, the international oil and gas services group, most latterly as Chief Operating Officer and then Chairman and Chief Executive. Stefano left Saipem in 2000 and joined Eni where he served as Chief Operating Officer of the Exploration & Production Division from 2000 to 2008. Today he is Chief Executive Officer of Sintonia SA, a holding company owning infrastructure assets including toll roads, airports and telecoms. He has previously served as an independent director of Telecom Italia SpA. Age 58.

Petrofac

Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange .

The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training, Production Solutions and Energy Developments.

Through these businesses 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 customers' needs across the full life cycle of oil & gas assets.

With more than 11,700 employees, Petrofac operates out of five strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai and Mumbai and a further 19 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.

For additional information, please refer to the Petrofac website at www.petrofac.com.