16 July 2026
Petrofac announces new Board of Directors to support next phase of growth
Petrofac has appointed a new Board of Directors following its acquisition by a consortium led by Mason Capital and Pearlstone, to oversee the company's strategic direction, governance and long-term development.
The Board combines extensive leadership experience across the global engineering, procurement and construction industry with deep expertise in corporate finance, governance and strategic long-term investment.
The appointments strengthen Petrofac's governance and provide strategic oversight to support the management team as the company enters a new phase of growth. The Board will be supported by Chief Executive Officer, Tareq Kawash, and Chief Financial Officer, Suresh Swaminathan.
Tareq Kawash, Chief Executive Officer, said:
“Our new Board brings deep industry, financial and governance expertise at an important stage in Petrofac’s evolution. Together, we are focused on disciplined business development and project delivery and positioning the company for long-term success. I look forward to working closely with the Board and the management team.”
Michael Martino, Chairman, said:
“Petrofac has built its reputation over decades by delivering complex projects in some of the world’s most important energy markets. As the company begins this new chapter, the Board’s priority is to provide the strong governance, stability and strategic direction needed to build on that foundation. We see significant opportunity to reinforce Petrofac’s strengths, deepen client confidence and support the business across the MENA region.”
The Board comprises:
- Michael Martino, Chairman
- Samuel Read, Non-Executive Director
- Cesar Canals, Non-Executive Director
- David Davies, Non-Executive Director
- Farhan Mujib, Non-Executive Director
Michael Martino
Michael Martino is a founder and Principal of Mason Capital Management, an event-driven multi-billion dollar hedge fund with a global investment portfolio. With nearly three decades of experience in the capital markets, he has built an extensive track record investing across corporate restructurings, special situations, mergers and acquisitions and corporate governance opportunities in a broad range of industries, including energy, industrials and financial services. In addition to his investment responsibilities, Michael has held several board leadership roles. He serves as Executive Chairman of ATS Corporation, where he has helped guide the company's transformation into a leading life sciences automation business, and as Executive Chairman of CB&I Holding, LLC. He also serves on the Board of Directors of McDermott International, Ltd., a leading global engineering and construction company. Michael began his investment career at Oppenheimer & Company and holds a degree in Political Science from Fairfield University and an MBA in Finance from New York University's Stern School of Business.
Samuel Read
Samuel Read is a Partner at Mason Capital Management, a New York-based investment management firm. He has significant experience investing across the engineering, infrastructure and industrial sectors, with a particular focus on corporate restructurings, special situations and long-term value creation. He has worked closely with management teams and stakeholders on several investments in engineering and construction businesses to support strategic growth and operational improvement. Prior to his current role, he worked at The Carlyle Group, where he focused on distressed and special situations investing. Samuel graduated from the University of Virginia with a Bachelor of Science in Commerce.
Cesar Canals
Cesar Canals brings more than four decades of executive leadership experience in the global energy and engineering sectors. Most recently, he served as Chief Executive Officer and President of CB&I and continues to serve on its Board of Directors. Over the course of his career, Cesar progressed from design engineer to chief executive, holding senior operational and commercial leadership positions across the United States, Saudi Arabia, South Africa and Argentina. His experience spans the delivery of major international energy projects, business transformation and organisational leadership. Cesar holds a degree in Civil Engineering from Villanova University and has completed executive programmes at the Wharton School and Rice University.
David Davies
David Davies is an experienced public company director and former Chief Financial Officer with more than three decades of international leadership experience across the energy and industrial sectors. He served for fourteen years as Deputy Chairman of the Executive Board and Chief Financial Officer of OMV AG, where he played a leading role in the company's financial strategy, capital allocation and international growth. Having previously served as a Non-Executive Director of Petrofac Limited, David brings valuable institutional knowledge and an understanding of the company's operations, providing continuity as Petrofac enters its next phase under new ownership. He currently chairs audit committees on several international boards. David is a Fellow of the Institute of Chartered Accountants in England and Wales and holds an MBA and a degree in Economics.
Farhan Mujib
Farhan Mujib brings more than three decades of international leadership experience in engineering, procurement and construction across the global energy sector. Most recently, he served as President and Representative Director of JGC Corporation, where he led the company's international business as the first non-Japanese executive to hold the role. Prior to JGC, Farhan held senior commercial and operational leadership positions at KBR, delivering major energy projects across Asia-Pacific, the Americas, Europe and the Middle East. Throughout his career, he has built a strong track record of leading complex projects, developing international businesses and delivering operational excellence. Farhan is a Chartered Professional Engineer and holds a degree in Civil Engineering and an MBA.
The appointments take immediate effect and reflect Petrofac's commitment to strong governance, operational excellence and sustainable long-term growth under its new ownership.