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£671,000 bonus boost for Petrofac boss Ayman Asfari

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Petrofac chief executive Ayman Asfari saw his total pay package rocket more than 60% during 2016 as the energy services giant moved back into the black.

The company’s latest annual report, published yesterday, shows Mr Asfari received a bonus of around £671,500 last year.

It took his overall remuneration to about £1.5million, up from £937,000 the year before.

He waived his bonus in 2015, when Petrofac – like most other firms in the global oil and gas industry – struggled to make profits amid a severe downturn.

Last month, London-based Petrofac revealed it squeezed out net profits of around £800,000 in 2016.

Mr Asfari said the company’s “positive” results were driven by record revenue, significant cost reduction and strong cash generation.

And he claimed the end may be in sight for job cuts at the firm after a spell of low oil prices.

Pre-tax profits for the latest period came in at £80.4million, against losses of £269.3million a year earlier, while Petrofac cut its net debt by 10% to £496million.

Cost-cutting efforts to “right-size” the business, including the company reducing the size of its workforce by one-third to 13,500, delivered about £96million of annualised savings.

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