Petrofac boss Ayman Asfari is to tell shareholder at the company’s annual general meeting today that “solid full year results” were achieved as he thanks outgoing chairman, Rijnhard van Tets.
Mr Asfari will also cite “good project execution” for the company’s £253 million net profit in 2017.
Chairman Rijnhard van Tets will step down to be replaced by René Médori.
Mr Asfari said: “We delivered solid full year results in 2017, with business performance net profit up 7% to £253 million, underpinned by good project execution, high levels of activity, strong financial discipline and an excellent safety record. We saw a strong recovery in new orders, maintained our bidding discipline and continued to deliver our strategic objectives.
“We also continue to make good progress in 2018 delivering our strategy of focusing on our core, delivering organic growth and reducing capital intensity. Tendering activity remains high and the Group has been awarded more than US$1.7 billion of new orders in the year to date. We recently announced our exit from the deep-water market through the sale of the JSD6000 installation vessel, and we continue to retain strong liquidity.”
Commenting on Board changes taking effect at today’s meeting, Mr Asfari said: “I would like to thank our Chairman Rijnhard van Tets who steps down after many years of committed service to the Board, the last three as Chairman. This period has not been without challenge, and I commend Rijnhard for his unstinting commitment, wise counsel and sound leadership of the Board. René Médori brings important continuity as incoming Chairman and I look forward to working with him in his new role.”
In August last year, Mr Asfari was 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.
The Italian National Commission for Companies and the Stock Exchange (Consob) also banned him from taking up administrative, management or supervisory roles in any companies listed in Italy for a year.
The actions by the Italian authorities have today been found ‘not served’ in relation to Mr Asfari, but he will still have to face the legal courts to challenge the fine and the confiscation of property.