Press Release
30 August 2016
BOARD CHANGE
Petrofac Limited, the international oil & gas facilities service provider, announces that Alastair Cochran will join the Company on 3 October 2016 and, following a short handover, will formally succeed Tim Weller as Chief Financial Officer and Executive Director, at the Company's October Board meeting. As previously announced, Tim Weller will leave the Group in October 2016 to take up the role of Chief Financial Officer of G4S plc.
Alastair, 46, will join Petrofac from BG Group plc, where he was most recently Transition Head of BG Global Strategy & Business Development overseeing the integration of BG Group following its acquisition by Royal Dutch Shell plc. Prior to that Alastair was Group Head of M&A and Corporate Finance at BG Group.
Chartered Accountant Alastair, who has 25 years' experience, began his career with KPMG and spent his earlier career in investment banking, including with Morgan Stanley and Credit Suisse, advising on a wide range of capital market and M&A transactions.
Rijnhard van Tets, Petrofac's Chairman, said: "We are very pleased that Alastair has agreed to join Petrofac. His broad range of skills encompassing corporate finance, treasury, risk and strategy, underpinned by his strong financial and commercial acumen, will be a key asset both in the business and around our Board table."
Ayman Asfari, Petrofac's Group Chief Executive, said: "I am delighted to be able to welcome Alastair to our Group. His impressive track record, combined with his comprehensive range of skills and thorough understanding of the oil and gas industry, will be an excellent fit for the business. I am looking forward to working with him as we begin a new chapter in Petrofac's journey."
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
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
[email protected]
Jonathan Edwards, Investor Relations Manager
[email protected]
Alison Flynn, Group Head of Communications
[email protected]
Tulchan Communications Group
+44 (0) 207 353 4200
[email protected]
Stephen Malthouse
Martin Robinson
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and 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 and gas assets.
With around 19,000 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.
