08 March 2010
Directorate/Board Committee Changes
A number of changes are proposed in respect of Petrofac’s Board composition and committee memberships.
The Board of Petrofac is recommending that shareholders approve the appointment of new Board directors at its Annual General Meeting to be held on 13 May 2010. If approved by shareholders, Thomas Thune Andersen and Stefano Cao will join the Board on 13 May 2010 as independent Non-executive Directors. Bernard de Combret and Michael Press intend to step down from the Board at the conclusion of the Annual General Meeting.
Commenting on these proposed appointments, Rodney Chase said: “We would be delighted to welcome both Thomas and Stefano to our Board. They both have considerable experience in the oil & gas sector which will be invaluable as we continue on our growth journey. I would like to thank our long-serving directors, Michael and Bernard for their significant contributions to the work of the Petrofac Board since they joined in 2002 and 2003, respectively.”
Kjell Almskog will be appointed Senior Independent Director.
In addition, and as previously announced on 4 March 2010, it is anticipated that Amjad Bseisu will step down from the Board in April 2010 subject to being appointed Chief Executive of EnQuest PLC and the successful listing of shares of that company.
BOARD COMMITTEE CHANGES
Subject to the appointments of Mr Andersen and Mr Cao at the Annual General Meeting, the Board Committees will be comprised as follows with effect from 13 May 2010:
Nominations Committee: Rodney Chase (Chairman), Ayman Asfari, Kjell Almskog, Thomas Thune Andersen, Stefano Cao and Rijnhard van Tets
Audit Committee: Rijnhard van Tets (Chairman), Kjell Almskog and Thomas Thune Andersen
Remuneration Committee: Thomas Thune Andersen (Chairman), Kjell Almskog and Stefano Cao
Risk Committee: Stefano Cao (Chairman), Kjell Almskog and Rijnhard van Tets
In accordance with Listing Rule 9.6.15, it is confirmed that there are no details to be disclosed in respect of either Thomas Thune Andersen or Stefano Cao pursuant to Listing Rule 9.6.13.