Petrofac's President steps down

24th Jul 2013 09:00

Petrofac said President and Executive Director, Maroun Semaan, will retire at the end of the year.Semaan, who joined the oil and gas service provider in 1991, has served as Chief Executive of Engineering and Construction, Group Chief Operating Officer and most recently as President of the Petrofac Group.He played a leading role in establishing Petrofac as a FTSE 100 oil and gas service company, operating in 29 countries worldwide with a global workforce of 18,000.Ayman Asfari, Group Chief Executive, said: "Since we co-founded Petrofac International in 1991 the business has enjoyed tremendous growth, building our capabilities and expanding our geographic reach so that Petrofac now has one of the world's leading names in oilfield services. Much of that growth is directly attributable to Maroun who, with his team, has continued to uphold the ethos of operational excellence, innovation and commitment to the values of the group."Semaan said he leaves the business confident in its future prospects to deliver strong, sustainable growth over the long-term as it has the right structures and processes in place.Shares were down 0.38% to 1,309p at 09:12 on Wednesday.RD