Petrofac Ltd (“Petrofac” or “the Company”) today announces that it has appointed Sara Akbar as a Non-executive Director with effect from 1 January 2018.
Mrs Akbar, who holds a BSc in Chemical Engineering from Kuwait University has more than 30 years’ experience in the oil and gas industry. She is founder of and until recently the Chief Executive Officer of Kuwait Energy KSC, which she set up in 2005 to exploit the opportunity for an independent Engineering and Production company in the MENA and Eurasia regions. Prior to that Ms Akbar was New Business Development Manager for Kuwait Foreign Petroleum Exploration Company, and served in various positions in the oil and gas industry in Kuwait and internationally from 1981 to 1999.
As previously announced, Non-executive Director Thomas Thune Andersen will step down from the Board after a seven-year tenure, also effective 1 January 2018.
Petrofac’s Chairman Rijnhard van Tets said: “We are delighted to welcome Sara to the Board. She is very well known in the industry both in Kuwait and internationally, and her unique insight into the Middle East, along with her significant operating experience in the region, is a very complementary fit to our existing Board. My fellow Non-executive Directors and I look forward to working with Sara.
“I would also like to record the Board’s appreciation to Thomas for his contribution over the past seven years, including his Chairmanship of the Remuneration Committee and membership of the Nominations and Audit committees. We have benefited enormously from his depth of industry knowledge and the level of commitment and support he has given during his tenure.”
Ms Akbar said: “I look forward to bringing my detailed knowledge of the MENA region to the Board table to support Petrofac’s continued successful execution of its strategy in the region and beyond.”
Thomas Thune Andersen said: “I would like to record my thanks to Rijnhard and the Board, and Ayman and the executive team, and wish them success in continuing to deliver Petrofac’s strategy.”
As a result of the above-noted changes, with effect from 1 January 2018, Matthias Bichsel will become Chairman of the Remuneration Committee. Further changes to Nominations, Remuneration and Audit committees will be advised in due course.
There are no additional disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA Listing Rules.