Petrofac has announced the appointment of a new Board of Directors following its acquisition by a consortium led by Mason Capital and Pearlstone, with the new leadership team set to oversee the company’s strategic direction, governance and long-term growth.
The newly appointed board brings together expertise in the global engineering, procurement and construction (EPC) sector alongside extensive experience in corporate finance, governance and long-term investment. The appointments are intended to strengthen Petrofac’s governance framework as the company enters a new phase under its new ownership.
The board will work alongside Chief Executive Officer Tareq Kawash and Chief Financial Officer Suresh Swaminathan to support the company’s management team and guide its future strategy.
Commenting on the appointments, Tareq Kawash said the board’s combined industry, financial and governance experience would support Petrofac’s focus on disciplined business development, project delivery and long-term growth.
Newly appointed Chairman Michael Martino said Petrofac had built a strong reputation through decades of delivering complex projects across key global energy markets. He noted that the board’s priorities would be to provide governance, stability and strategic direction while reinforcing the company’s strengths, strengthening client relationships and supporting continued growth across the Middle East and North Africa (MENA) region.
The new Board of Directors comprises Chairman Michael Martino and Non-Executive Directors Samuel Read, Cesar Canals, David Davies and Farhan Mujib.
Martino is the founder and principal of Mason Capital Management, an event-driven investment firm with a global portfolio. He has nearly 30 years of experience in capital markets, specialising in corporate restructurings, mergers and acquisitions, governance and special situations across sectors including energy, industrials and financial services. He also serves as executive chairman of ATS Corporation and CB&I Holding, while sitting on the board of McDermott International.
Samuel Read, a partner at Mason Capital Management, has extensive investment experience across the engineering, infrastructure and industrial sectors, with a focus on corporate restructurings and long-term value creation. Before joining Mason Capital, he worked at The Carlyle Group, specialising in distressed and special situations investing.
Cesar Canals brings more than 40 years of leadership experience in the global energy and engineering industries. Most recently, he served as president and chief executive officer of CB&I and remains a member of its board. His career has included senior operational and commercial leadership roles across the United States, Saudi Arabia, South Africa and Argentina.
David Davies is a former chief financial officer of OMV AG, where he served for 14 years as deputy chairman of the executive board and CFO. Having previously served as a non-executive director of Petrofac, he returns to the company with detailed knowledge of its operations and governance. He currently chairs audit committees for several international companies.
Farhan Mujib has more than three decades of international experience in engineering, procurement and construction. He most recently served as president and representative director of JGC Corporation, becoming the first non-Japanese executive to hold the position. Earlier in his career, he held senior commercial and operational leadership roles at KBR, overseeing major energy projects across Asia-Pacific, Europe, the Americas and the Middle East.
Petrofac said the appointments take immediate effect and reflect the company’s commitment to strengthening governance, maintaining operational excellence and delivering sustainable long-term growth following its acquisition by the Mason Capital and Pearlstone-led consortium.
For more information visit www.petrofac.com
