Petrofac Annual core profit - Marwan Chedid



 Petrofac give reported better-than-expected core earnings on Friday and said chief executive Ayman Asfari would resume full duties with immediate effect.

  • The company said it had concluded that restrictions imposed on Asfari in May 2018 were no longer appropriate.
  • Britain’s Serious Fraud Office (SFO) began an investigation in May into the activities of Petrofac and its units in connection with a probe into Monaco-based Unaoil on suspected bribery, corruption and money laundering.
  • Last month, the company said its top management, including chairman and executive directors, would be interviewed by the SFO.


“We expect the market to take positively the resumption of duties from the CEO ... The market may perceive this as reflecting positively on the SFO investigation outcome,” Morgan Stanley analyst Robert Pulleyn said in a note.
Petrofac also said chief operating officer Marwan Chedid had stepped down and would act in an advisory capacity for a transitional period to assist on his succession.
Location: India

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