TIDMPFC

RNS Number : 4610F

Petrofac Limited

09 March 2020

9 March 2020

Petrofac Limited (the 'Company')

Notification of Transactions by

Persons Discharging Managerial Responsibilities

Pursuant to the Company's obligations under Market Abuse Regulation 19, the Company hereby makes the following notifications in respect of its Executive Directors and their awards and vestings of ordinary shares of US$0.02 each in the Company (the 'Shares') under the Petrofac Performance Share Plan ('PSP') which took place on 6 March 2020. The Company takes the view that it is only its Directors who may be regarded as Persons Discharging Managerial Responsibilities ('PDMRs').

These awards and vestings form part of the Company's annual bonus cycle. Details of each PDMR's position before and after the awards and vestings are outlined in the tables below.

PSP

PSP awards are made by the Company to senior executives and generally vest on the third anniversary of the date of grant, provided a participant does not leave the Company's employment and to the extent that performance conditions have been satisfied. Awards are made at nil cost to participants.

Details of the awards under the PSP which took place on 6 March 2020 for each Executive Director, including the position before and after awards were made, are outlined below:

 
                        Total number        Number        Number       Number       Number   Total number 
                           of Shares     of Shares     of Shares    of Shares    of Shares      of Shares 
                          held under        vested        lapsed         sold      awarded     held under 
                             the PSP    on 6 March    on 6 March           on    under the        the PSP 
                            prior to       2020(3)      2020 (3)      6 March       PSP on          after 
                             6 March                                     2020      6 March        6 March 
                                2020                                                  2020           2020 
 Ayman Asfari(1)             958,142        51,271       286,039            -      483,633      1,104,465 
                       -------------  ------------  ------------  -----------  -----------  ------------- 
 Alastair Cochran(2)         593,253        31,551       176,023       14,852      309,084        694,763 
                       -------------  ------------  ------------  -----------  -----------  ------------- 
 

(1) Ayman Asfari elected not to sell any Shares and, as a consequence, his shareholding in the Company has increased by the number of Shares vested. See the table below for details of his shareholding after 6 March 2020.

(2) Alastair Cochran elected to sell sufficient Shares to satisfy his tax liability. The share price for the Shares sold was 271.75 pence. His shareholding in the Company has therefore increased by the number of his unsold vested Shares. See the table below for details of his shareholding after 6 March 2020.

(3) Following the end of the three year performance period in respect of the 2017 PSP award, the performance conditions were such that 15.2% of the award vested, with the balance lapsing.

Following these transactions, the PDMRs and their connected persons hold the following beneficial interests in the Company.

 
                         Total number of      Total number of            Total number of 
                      Shares held in the       Shares held in             Shares held in 
                        Company prior to    the Company after          the Company after 
                            6 March 2020         6 March 2020    6 March 2020, expressed 
                                                                       as % of the total 
                                                                         shares in issue 
 Ayman Asfari                 65,087,976           65,139,247                    18.831% 
                    --------------------  -------------------  ------------------------- 
 Alastair Cochran                 77,819               94,518                     0.027% 
                    --------------------  -------------------  ------------------------- 
 

The Company's issued share capital consists of 345,912,747 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any Shares in Treasury.

For further information contact:

Alison Flynn, Group Head of Communications

alison.flynn@petrofac.com

+44 (0) 207 811 4913

Jonathan Yarr, Head of Investor Relations

jonathan.yarr@petrofac.com

+44 (0) 207 811 4931

Tulchan Communications Group Ltd

Martin Robinson

Tel: +44 (0) 20 7353 4200

petrofac@tulchangroup.com

LEI 2138004624W8CKCSJ177

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END

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(END) Dow Jones Newswires

March 09, 2020 08:08 ET (12:08 GMT)

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