Petrofac Limited declared that Sami Iskander, Group Chief Executive, will depart the business at the end of March 2023 in order to pursue other interests.

After a smooth transition, Tareq Kawash will be named Group Chief Executive effective April 1, 2023. At that time, Tareq will also be appointed to the Petrofac Board of Directors as an Executive Director.

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 program, 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.”

The appointment of Tareq is contingent upon shareholder approval at the subsequent annual general meeting, which will take place in May 2023.

It is confirmed that no additional information needs to be disclosed in accordance with Listing Rule 9.6.13 in accordance with Listing Rule 9.6.15.