Petrofac says chief exec to take up full duties again

Oil services outfit Petrofac yesterday reported betterthan-expected core profits and announced that chief executive Ayman Asfari would resume full duties with immediate effect.

The company – a major employer in Scotland – said it had concluded that restrictions imposed on its boss last May were no longer appropriate.

The Serious Fraud Office began an investigation last year into the activities of the firm in connection with a probe into Monaco-based Unaoil. Last month, Petrofac said its top management would be interviewed by the SFO.

Yesterday’s results showed that full-year, underlying earnings had risen 3.7 per cent to $730 million (£531m), beating forecasts.

Hargreaves Lansdown analyst Nicholas Hyett said: “Scandal-hit Petrofac is returning to its roots as a Middle East focused oil and gas services businesses.

“The SFO investigation is ongoing, but the fact that the board feels restrictions placed on [Asfari] in May are no longer necessary should be a positive sign.”