Petrofac chief ’s bonus cut

THE CHIEF executive of a North Sea oil services giant has seen his bonus cut by more than £250,000 following the death of three workers.

Petrofac revealed it has cut payouts to executive directors following “missed expectations” with regards to health and safety and some financial targets.

Ayman Asfari, who has transformed the business since joining in 1991, had his total pay reduced from £3 million in 2012 to £1.7m last year. His bonus was cut by £254,000 to £750,000.

Finance chiefTimWeller saw his bonus drop by £102,000— from £659,165 in 2012 to £ 499,936. However, his total pay for last year still topped £1m.

Petrofac, which employs 5,000 in the north east, said North Sea contracts made up about a quarter of its total revenue, which hit £3.8 billion last year.

“Safety is paramount at Petrofac and as such it is one of the key metrics against which bonusrelated performance is measured,” a spokeswoman said.

Two Petrofac workers died in Turkmenistan last year.

The company also suffered a fatality in Algeria.

The company’s annual report, published yesterday, said the remuneration committee had to take the incidents into account.

The company achieved modest growth in net profit last year and there was also continued growth in its order backlog, which ended the year at a record high of £9bn.

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