Petrofac has found its new CEO in former Shell vice president Sami Iskander, as long-term boss Ayman Asfari announces his plans to retire.
Oilfield services firm Petrofac will "target additional savings" as the firm looks to weather the financial storm caused by the outbreak of Covid-19 and low oil prices.
Shares in Petrofac dropped after the UK oilfield service firm showed its order book had shrunk.
Energy services firm Petrofac said it was “well positioned” for the remainder of 2019, but warned of a drop in revenues ahead.
Petrofac chief executive Ayman Asfari saw his take-home pay increase by 15% last year, pocketing £1.7million.
Oilfield service firm Petrofac has announced its intention to "enhance its already diverse workforce" by encouraging graduates from across the globe.
It emerged last night that CEO Ayman Asfari has acquired £10million in Petrofac company shares, despite being under the spotlight of a bribery probe.
Petrofac’s board said today that chief executive Ayman Asfari would resume "full executive duties" at the UK energy service giant.
The UK High Court has ruled that the sanctions imposed on chief executive Ayman Asfari by Italian authorities should be annulled owing to a lack of served due process.
Petrofac chief executive Ayman Asfari has been fined £276,000 and had property worth more than £350,000 confiscated by Italian authorities after a ruling that he gained financial advantage from "inside" information.
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.
Ineos boss Jim Ratcliffe is the UK's richest energy services mogul on the Forbes 2016 billionaires list with his $5.5billion fortune.
Petrofac profits have been hit by a double whammy of low oil prices and accounting for a loss from its Shetland Islands project.