Petrofac, the international oil and gas service provider, announces a number of changes to its Board of Directors.
President and Executive Director Maroun Semaan has decided to retire at the end of the year after more than 22 years with the Company, stepping down from the Board position he has held since 2002.
Mr Semaan joined the Group in 1991 and over the years has played a leading role in establishing Petrofac as a FTSE 100 oil and gas service company, operating in 29 countries worldwide with a global workforce of 18,000. Since the Group’s listing as a public company, Mr Semaan has served as Chief Executive of Engineering and Construction; Group Chief Operating Officer and most recently as President of the Petrofac Group.
Ayman Asfari, Group Chief Executive, commented:“Since we co-founded Petrofac International in 1991 the business has enjoyed tremendous growth, building our capabilities and expanding our geographic reach so that Petrofac now has one of the world’s leading names in oilfield services. Much of that growth is directly attributable to Maroun who, with his team, has continued to uphold the ethos of operational excellence, innovation and commitment to the values of the Group. Over the last few years Maroun has worked closely with me in managing successions to enable the transition to an adept and experienced management team that will continue to deliver sustained growth for the Group. I commend him for all he has done, the legacy he leaves behind, and thank him for his unstinting support over the past 22 years.”
Maroun Semaan, President, said: “I have thoroughly enjoyed being part of the development and success of Petrofac and would like to thank everyone who has been involved in the success of the Company for their hard work and dedication over the years. Most recently, in my role as President, I have been focused on ensuring that Petrofac has the right structures and processes in place to support its future growth. I will leave the business confident in its future prospects to deliver strong, sustainable growth over the long-term, and on my part intend to remain a long term shareholder. I wish everyone at Petrofac every success for the future.”
Separately, Kathleen Hogenson will be appointed to the Board as a Non-executive Director with effect from August. Ms Hogenson, formerly President and CEO of her own US-based company Zone Energy LLC, has 30 years’ experience in the oil and gas industry, with particular expertise in reservoir management and subsurface engineering.
A Chemical Engineering graduate, Ms Hogenson spent her early career as a petroleum and reservoir engineer, including posts in Ecuador and Indonesia, prior to holding a number of senior roles in exploration and production technology at California-based Unocal Corporation. Ms Hogenson assumed her first CEO role in 2001 at Santos USA Corporation.
Ms Hogenson currently sits on the advisory board for Samsung Oil & Gas USA Corporation, is a director on the Board of Parallel Petroleum LLC, and serves as a trustee of the Society of Exploration Geophysicists. Ms Hogenson will join Petrofac’s Audit, Nominations and Board Risk Committees.
Norman Murray, Petrofac’s Chairman, commented: “I would like to record the Board’s appreciation for Maroun’s outstanding contribution to the evolution of Petrofac. His work, alongside that of the executive team, ensures Petrofac is well positioned for future success.
“It also gives me great pleasure to welcome Kathleen to our Board, where her considerable oil and gas experience, including the development and deployment of technical solutions, will prove invaluable as Petrofac looks to continue to deepen, grow and diversify its customer offering. We look forward to working with her.”
Ms Hogenson commented: “I am delighted to be joining the Board of Petrofac and look forward to contributing to the debate in a growing company with an entrepreneurial spirit, innovative approach, and determination to achieve operational and technical excellence.”
BOARD COMMITTEE CHANGES
As a result of Ms Hogenson’s appointment on 1 August the Board committees will be comprised as follows:
Nominations Committee: Norman Murray (Chairman), Ayman Asfari, Thomas Thune Andersen, Stefano Cao, Roxanne Decyk, René Médori, Rijnhard van Tets and Kathleen Hogenson
Audit Committee: René Médori (Chairman), Thomas Thune Andersen, Rijnhard van Tets and Kathleen Hogenson
Remuneration Committee: Thomas Thune Andersen (Chairman), Stefano Cao and Roxanne Decyk
Board Risk Committee: Stefano Cao (Chairman), Thomas Thune Andersen, Roxanne Decyk, René Médori, Rijnhard van Tets and Kathleen Hogenson
From 1 August, René Médori will succeed Rijnhard van Tets as Chairman of the Audit Committee. Mr van Tets will, however, remain a member of this Committee and as Senior Independent Director.
There are no additional disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA Listing Rules.