BOARD
UPDATE
Petrofac announces today that Non-executive
Director Sara Akbar has notified the Board of her intention to step
down from her duties to pursue other business interests. She will
do so from 31 January 2025.
Commenting, Petrofac Chair René
Médori, said:
“With significant experience of the Group’s
core Middle East region and energy sector, Sara has been a valuable
contributor since joining the Petrofac Board in 2018. I would like
to thank her for her commitment throughout her tenure, but
particularly for her determination, alongside the wider Board, to
deliver her fiduciary responsibilities during our recent strategic
and financial review. This culminated in the announcement of a
comprehensive financial restructuring in December, the completion
of which will mark a new beginning for Petrofac.”
Sara Akbar said:
“It has been a privilege to have spent six
years with the Petrofac Board. The agreement of a lock up agreement
in respect of the Group’s financial restructuring represents an
important milestone and I look forward to supporting the next stage
of its implementation over the coming weeks, and seeing Petrofac
emerge with the right foundations to deliver on its considerable
potential. I will remain an ardent champion of this fantastic
business and its global team as they begin a new chapter of
growth.”
As a result of the Board changes announced
today, the Directors now sit on the following Board Committees as
follows:
Nominations
Committee: René Médori (Chair), Matthias Bichsel, David
Davies
Audit
Committee: David Davies (Chair), Matthias Bichsel, Aidan
de Brunner
Compliance &
Ethics Committee: Mattias Bichsel (Chair), David Davies, René
Médori
Remuneration
Committee: Matthias Bichsel (Chair), David Davies, René
Médori
Special
Committee: Aidan de Brunner (Chair), Tareq Kawash, Afonso
Reis e Sousa
The attention of stakeholders is drawn to the
Company’s announcement dated 22 December 2024, which detailed
future changes to Petrofac’s Board composition aligned with the
aims of the Group’s financial restructuring.
ENDS
For further information
contact:
Petrofac:
James Boothroyd, Head of Investor
Relations
James.boothroyd@petrofac.com
Sophie Reid, Group Director of Communications
and Culture
Sophie.reid@petrofac.com
Teneo (for
Petrofac):
+44 (0) 207 353 4200
petrofac@teneo.com
NOTES TO EDITORS
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. Our four values – driven, agile,
respectful and open – are at the heart of everything we
do.
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 8,500 employees based across 31
offices globally.
Petrofac is quoted on the London Stock Exchange
(symbol: PFC).