Board update

Petrofac announces today that Non-executive Director Sara Akbar has notified the Board of her intention to step down from her duties to pursue other business interests. She will do so from 31 January 2025.
  
Commenting, Petrofac Chair René Médori, said:

“With significant experience of the Group’s core Middle East region and energy sector, Sara has been a valuable contributor since joining the Petrofac Board in 2018. I would like to thank her for her commitment throughout her tenure, but particularly for her determination, alongside the wider Board, to deliver her fiduciary responsibilities during our recent strategic and financial review. This culminated in the announcement of a comprehensive financial restructuring in December, the completion of which will mark a new beginning for Petrofac.”

Sara Akbar said:

“It has been a privilege to have spent six years with the Petrofac Board. The agreement of a lock up agreement in respect of the Group’s financial restructuring represents an important milestone and I look forward to supporting the next stage of its implementation over the coming weeks, and seeing Petrofac emerge with the right foundations to deliver on its considerable potential. I will remain an ardent champion of this fantastic business and its global team as they begin a new chapter of growth.”

As a result of the Board changes announced today, the Directors now sit on the following Board Committees as follows:
 
Nominations Committee: René Médori (Chair), Matthias Bichsel, David Davies
Audit Committee: David Davies (Chair), Matthias Bichsel, Aidan de Brunner 
Compliance & Ethics Committee: Mattias Bichsel (Chair), David Davies, René Médori
Remuneration Committee: Matthias Bichsel (Chair), David Davies, René Médori
Special Committee: Aidan de Brunner (Chair), Tareq Kawash, Afonso Reis e Sousa

The attention of stakeholders is drawn to the Company’s announcement dated 22 December 2024, which detailed future changes to Petrofac’s Board composition aligned with the aims of the Group’s financial restructuring.