Adipec 22 1700X397
22 November 2022

Petrofac management and Board changes

Petrofac Limited (“Petrofac” or “the Company”) announces today that Sami Iskander, Group Chief Executive, will leave the business at the end of March 2023 in order to pursue other interests.

Tareq Kawash will be appointed Group Chief Executive from 1 April 2023, following an orderly handover. Tareq will also be appointed as an Executive Director to Petrofac’s Board of Directors at that time.

Chairman René Médori commented:

“Sami’s contribution to the Company over the last two years has been invaluable. Having overseen the resolution of the SFO’s historic investigation and led a comprehensive refinancing programme, Sami has reshaped the business and put it firmly on a path to growth. On behalf of the Board and the Company as a whole, I extend my heartfelt thanks to Sami for his unwavering energy, decisive leadership, and passionate ownership of Petrofac’s strategy.
“We are delighted that Tareq Kawash has agreed to join the Board as our new Group Chief Executive. Tareq joins us from McDermott, where he was most recently Senior Vice President of its Onshore and Offshore Business Lines, and a member of McDermott’s Executive Committee. With 30 years’ international EPC leadership experience, and an impressive business development track record, Tareq is exceptionally well placed to build on the foundations laid by Sami. We look forward to welcoming him to Petrofac.”

Tareq Kawash said:

“I have known Petrofac throughout my career and have always admired its unique execution capability. I look forward to leading the team in the next stage of its journey back to growth and leadership in the sector, building on the excellent progress Sami has made.”

Group Chief Executive, Sami Iskander, commented:

“I joined Petrofac with the task of setting the business on the right course for sustainable growth, resolving historic issues and positioning the Group for the future. After an intense period, Petrofac is today in a stronger position. I am grateful to the people of Petrofac for their support, without which none of these achievements would have been possible. My heartfelt thanks go to all of them. I will sincerely miss them.”

Tareq’s appointment will be subject to the confirmation of shareholders at the next Annual General Meeting to be held in May 2023.

In accordance with Listing Rule 9.6.15 it is confirmed that there are no further details to be disclosed pursuant to Listing Rule 9.6.13.