REG-Petrofac Limited Petrofac Limited: PETROFAC MANAGEMENT AND BOARD CHANGES

PetrofacAnnouncement

22/11/2022 07:15

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   Petrofac Limited ( PFC)
   Petrofac Limited: PETROFAC MANAGEMENT AND BOARD CHANGES

   22-Nov-2022 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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                                 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:  1 sophie.reid@petrofac.com

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

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

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   ISIN:           GB00B0H2K534
   Category Code:  BOA
   TIDM:           PFC
   LEI Code:       2138004624W8CKCSJ177
   OAM Categories: 2.2. Inside information
   Sequence No.:   202287
   EQS News ID:    1493057


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:sophie.reid@petrofac.com
   2. mailto:james.boothroyd@petrofac.com
   3. mailto:petrofac@tulchangroup.com


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