Petrofac CFO to Resign

Petrofac's Chief Financial Officer Alastair Cochran has informed the Board of Directors of his intention to resign and take up a new job outside the group on September 1, 2021. 

Cochran joined Petrofac in 2016 from BG Group where he had served as Transition Head of BG Strategy and Business Development, and, before that, Group Head of M&A and Corporate Finance.

Afonso Reis e Sousa, currently Petrofac's Treasurer & Head of Tax, will succeed Cochran and will be formally appointed as Chief Financial Officer and Executive Director on the same date following a transition period over the coming months. 

"Afonso, who has been with Petrofac for eight years, spent the early part of his career in investment banking, focusing on the energy and infrastructure sectors. He has extensive experience at Petrofac in a variety of senior finance roles and has most recently led the Company's successful refinancing," Petrofac said.

Sami Iskander, Group Chief Executive who took over as CEO of Petrofac in 2020, said: "On behalf of the company and the Board I would like to thank Alastair for his tremendous contribution and personal commitment over the last five years, together with his support in recent months since my appointment as CEO. Alastair has pioneered our transformation back to a capital-light business and leaves Petrofac strongly positioned for efficient and effective execution as markets recover and we rebuild our order book. I wish him and his family every success in the future.

"I am also delighted to have such an excellent successor and partner in Afonso, who knows the business extremely well, has been a key member of our finance leadership team, and provides continuity at an important time as we rebalance, reshape and rebuild the business. I look forward to working with him in the years ahead."

Cochran said: "The decision to leave was not an easy one.  I am very proud of everything we have achieved as a team during my time with the Group, including the strategic and functional transformations that we have delivered.  I leave Petrofac in very capable hands and am delighted to be handing over in the coming months to Afonso, whose skills and expertise equip him well to lead Petrofac during the next phase of its evolution.  I wish Afonso, Sami and the entire team every success in the future."