Petrofac Limited Directorate Change (7524L)
April 29 2015 - 11:53AM
UK Regulatory
TIDMPFC
RNS Number : 7524L
Petrofac Limited
29 April 2015
29 April 2015
Petrofac Limited (the "Company")
Board Changes
Petrofac, the international oil & gas facilities service
provider, today announces that Stefano Cao, who has been a
Non-executive Director since May 2010, has resigned from the Board
and has stepped down with immediate effect pending his appointment
as Chief Executive Officer of Saipem SpA on 30 April 2015.
Stefano Cao commented: "I am very sad to be stepping down from
the Board of Petrofac, a company which I believe has a strong
future. I have been offered a unique opportunity to lead a company
at which I previously spent 25 years of my career. I would like to
record my thanks to Rijnhard and the Board, and Ayman and the
executive team, and wish them great success in delivering the
strategy."
Rijnhard van Tets, Petrofac's Chairman, commented: "I would like
to record the Board's appreciation for Stefano's contribution to
the Board and the Board Risk Committee over the last five years. We
have benefitted enormously from his deep industry knowledge and
keen engagement in our discussions around the Board table. We wish
him well for the future, in what I expect to be a fulfilling
role."
ENDS
For further information contact:
Petrofac Limited +44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
Alison Flynn, Head of Media Relations
Tulchan Communications Group Ltd +44 (0) 207 353 4200
Stephen Malthouse
Martin Robinson
petrofac@tulchangroup.com
Notes to Editors
PETROFAC
Petrofac is a leading international service provider to the oil
& gas production and processing industry, with a diverse client
portfolio including many of the world's leading integrated,
independent and national oil & gas companies. Petrofac is
quoted on the London Stock Exchange (symbol: PFC).
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 clients' needs across the
full life cycle of oil & gas assets.
With around 20,000 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.
ANNUAL GENERAL MEETING
As a result of this notification, Stefano Cao will not be
standing for re-election as a director at Petrofac's Annual General
Meeting on 14 May 2015 and accordingly, it is proposed that
Resolution 7 will be withdrawn at the meeting.
BOARD COMMITTEE CHANGES
Following this above-noted change, the Board committees will be
updated and changes announced following the Company's AGM on 14 May
2015.
REMUNERATION ARRANGEMENTS
In accordance with Section 430(2B) of the UK Companies Act 2006,
the Company hereby confirms that no payment for loss of office will
be made to Mr Cao in connection with his ceasing to be a
Non-executive Director of Petrofac Limited. The Company's
Directors' Remuneration Report for the year ending 31 December 2015
will include all fees paid to him during the year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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