Board Changes

RNS Number : 4099J

Petrofac Limited

30 June 2011

 



Press Release

30 June 2011

PETROFAC LIMITED

BOARD CHANGES

Petrofac, the international oil & gas facilities service provider, announces that its Chief Financial Officer (CFO), Keith Roberts, will retire from the group with effect from 31 December 2011.

Roberts (54) joined Petrofac in early 2002 and has played a vital role in the transformation of Petrofac from a modestly-sized privately-owned Company to a FTSE100 business with around 14,000 staff in more than 27 countries and annual revenue of US4.4 billion (as at 31 December 2010). 

Tim Weller (48) will join Petrofac on 5 September, and following a short handover will formally succeed Keith Roberts, as CFO and an Executive Director, at the group's October Board meeting. 

A Fellow of the Institute of Chartered Accountants in England and Wales and a highly experienced CFO, Weller also has a BSc in Engineering Science from the University of Exeter.   He has more than 25 years of experience having started his career with KPMG in London, eventually becoming a partner in the Infrastructure Business Unit. Weller will join Petrofac from Cable&Wireless Worldwide, where he has been CFO since May 2010. He was CFO and on the main board of directors at United Utilities Group PLC for four years and previously held financial director roles with RWE Thames Water Limited and Innogy Holdings PLC (now RWE npower Holdings PLC). He is currently a non-executive director of the Carbon Trust and of BBC Worldwide.

Commenting on the search process, Norman Murray, Petrofac's non-executive Chairman said: "At the start of the year, when Keith communicated his intention to retire, the Board began an extensive selection process.  We are extremely pleased that Tim has agreed to join Petrofac. He is both an able and experienced CFO who, we believe, will bring tremendous value to Petrofac moving forward."   

Ayman Asfari, group chief executive said: "Keith is a valued colleague and an exceptional CFO. In addition to leading our finance function, he has, for the last ten years, championed the development of our group corporate structures in support of our rapid growth, leading to the creation of significantly enhanced functional capability within the group.  Over the years Keith has led the execution of numerous transactions within Petrofac, but the most notable is our IPO in 2005.  Our transition from private to public company was extremely successful, and since float Petrofac has generated a total shareholder return of more than 700%. 

"There is no doubt that I shall miss Keith when he retires from Petrofac. He has brought his considerable experience, logic and constructive challenge to the Boardroom, and has been truly instrumental in the growth and development of the group. He is leaving us with our very best wishes for the future.

"I am, however, delighted to be able to welcome Tim to our group.  He has had a very successful career to date and brings valuable experience to the role.  We have ambitious growth plans and I know Tim will bring a fresh perspective to future challenges. I am looking forward to working with him as we begin this new chapter in Petrofac's journey."

Weller previously served as a director of United Utilities Group PLC from July 2006 to May 2010 and as a non-executive director of Stanley Leisure PLC from 2003 to 2006.  He currently serves as a director of Cable & Wireless Worldwide PLC but will be retiring from that board in the near future.  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:

Tulchan Communications Group Ltd                                  [phone]

Stephen Malthouse

Martin Robinson

[e-mail]

Notes to Editors

Petrofac

Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer 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) and is a constituent of the FTSE 100 Index. 

The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Developments.

Through these businesses 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 customers' needs across the full life cycle of oil & gas assets.

With around 14,000 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi and a further 21 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.

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

 

END

 

 

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