Petrofac Regulatory News (PFC)

Press Release

 

 

22 November 2022

 

PETROFAC MANAGEMENT AND BOARD CHANGES

 

Petrofac Limited (“Petrofac” or “the Company”) announces today that Sami Iskander, Group Chief Executive, will leave the business at the end of March 2023 in order to pursue other interests.

 

Tareq Kawash will be appointed Group Chief Executive from 1 April 2023, following an orderly handover. Tareq will also be appointed as an Executive Director to Petrofac’s Board of Directors at that time.

 

Chairman René Médori commented: “Sami’s contribution to the Company over the last two years has been invaluable. Having overseen the resolution of the SFO’s historic investigation and led a comprehensive refinancing programme, Sami has reshaped the business and put it firmly on a path to growth. On behalf of the Board and the Company as a whole, I extend my heartfelt thanks to Sami for his unwavering energy, decisive leadership, and passionate ownership of Petrofac’s strategy.

 

“We are delighted that Tareq Kawash has agreed to join the Board as our new Group Chief Executive. Tareq joins us from McDermott, where he was most recently Senior Vice President of its Onshore and Offshore Business Lines, and a member of McDermott’s Executive Committee. With 30 years’ international EPC leadership experience, and an impressive business development track record, Tareq is exceptionally well placed to build on the foundations laid by Sami. We look forward to welcoming him to Petrofac.”

 

Tareq Kawash said: “I have known Petrofac throughout my career and have always admired its unique execution capability. I look forward to leading the team in the next stage of its journey back to growth and leadership in the sector, building on the excellent progress Sami has made.”

 

Group Chief Executive, Sami Iskander, commented: “I joined Petrofac with the task of setting the business on the right course for sustainable growth, resolving historic issues and positioning the Group for the future. After an intense period, Petrofac is today in a stronger position. I am grateful to the people of Petrofac for their support, without which none of these achievements would have been possible. My heartfelt thanks go to all of them. I will sincerely miss them.”

 

Tareq’s appointment will be subject to the confirmation of shareholders at the next Annual General Meeting to be held in May 2023.

 

In accordance with Listing Rule 9.6.15 it is confirmed that there are no further details to be disclosed pursuant to Listing Rule 9.6.13.

 

ENDS

 

 

NOTES TO EDITORS

 

Tareq Kawash biography

 

Tareq Kawash joins Petrofac from McDermott, where he has worked for 21-years, most recently as Senior Vice President of its Onshore and Offshore business lines.

 

A strategic, high-performing leader with a wealth of operational and commercial experience, Tareq has worked in the engineering and construction industry for over 30 years and has completed both domestic and international assignments for mega onshore and offshore oil and gas projects.

 

Tareq is fluent in Arabic and has extensive experience of the Middle East, having lived and worked there for 18 years. Prior to McDermott's combination with CB&I in 2018, he was CB&I's Group Vice President, Engineering and Construction, International. Before joining CB&I in 2000, he worked with KBR for two years and Consolidated Contractors Company for seven years.

 

Tareq has a Bachelor of Science in mechanical engineering from Tufts University and a Master's Degree in mechanical engineering from the University of Virginia.

 

Tareq lives in London and will be based at Petrofac’s UK head office.

 

Petrofac

 

Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world’s leading energy companies.

 

Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world’s evolving energy needs.

 

Petrofac’s core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 8,200 employees based across 31 offices globally.

 

Petrofac is quoted on the London Stock Exchange (symbol: PFC).

 

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

 

 

For further information contact:

 

Sophie Reid, Group Head of Communications: sophie.reid@petrofac.com

James Boothroyd, Head of Investor Relations: james.boothroyd@petrofac.com

Tulchan Communications Group: +44 (0) 207 353 4200 / petrofac@tulchangroup.com