Petrofac boss cuts stake
Maroun Semaan, a director oil and gas services provider Petrofac, has sold nearly £17m worth of shares in the company.
Semaan, who is chief executive of the company's engineering and construction division, offloaded 3m shares at £5.65 each through the Nola Trust - in which he and his close family are beneficiaries - leaving it with a holding of around 30m shares, or 8.7% of Petrofac.
The sale, which went through yesterday, was made on the same day the FTSE 250 company announced the extension of its contract to be duty contract holder on Aberdeen-based Venture Production's Kittiwake platform in the North Sea.
On Friday, the group won a $477m lump-sum contract to build a gas treatment plant in Syria.
Speaking about the Syria deal, Semaan said: "This is another significant award in Syria for Petrofac which, taken together with the Jihar gas plant award, provides us with almost $1bn of work in a country where we have successfully worked on a number of projects."
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