| Petrofac Limited ( PFC) 2 October 2024
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 Directors and the vesting of awards of ordinary shares of US$0.02 each in the Company (the ‘Shares’) granted to the Directors under the Petrofac Performance Share Plan (‘PSP’) in 2021 and the Deferred Bonus Plan (DBP) in 2022 and 2023. The vestings took place on 1 October 2024 in accordance with the terms of the PSP and DBP.
PSP PSP awards are made by the Company to senior executives and generally vest on the third anniversary of the date of grant to the extent that performance conditions have been satisfied. Awards are made at nil cost to participants.
Details of the vesting under the PSP, which took place on 1 October 2024, including the position before and after the vesting, are outlined below:
1 Afonso Reis e Sousa sold sufficient Shares to satisfy his tax liability. The share price for the Shares sold was 14.1992 pence. His shareholding in the Company has therefore increased by the number of unsold vested Shares. In accordance with our share retention guidelines, unsold vested PSP Shares are subject to a two-year holding period until 1 October 2026. 2 Following the end of the three-year performance period in respect of the 2021 PSP award, the performance conditions were such that 33.3% of the award vested. The balance of Shares lapsed.
DBP In line with the Company’s remuneration arrangements, any bonus awarded will usually be paid to Executive Directors half in cash and half in deferred shares under the DBP. Awards will generally vest in equal tranches over one, two and three years from the date of grant, provided a participant does not leave the Company’s employment. Awards are made at nil cost to participants.
Mr Kawash was granted an ad hoc award under the DBP in line with his joining arrangements. These shares are not subject to performance conditions and will vest, subject inter alia, to continued employment, over the following two years.
Details of the vestings under the DBP which took place on 1 October 2024 for each Director, including the position before and after the vestings, are outlined below:
1 Tareq Kawash and Afonso Reis e Sousa each sold sufficient Shares to satisfy their tax liabilities. The share price for the Shares sold was 14.1992 pence. Their shareholdings in the Company have therefore increased by the number of unsold vested Shares.
Following the above-noted transactions, the PDMRs and their connected persons hold the following beneficial interests in the Company:
The Company's issued share capital consists of 525,373,758 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any Shares in Treasury.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
For further information contact: Petrofac Limited +44 (0) 20 7811 4900
James Boothroyd, Head of Investor Relations
Sophie Reid, Group Head of Communications
Teneo (for Petrofac) +44 (0) 207 353 4200 petrofac@teneo.com
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ISIN: | GB00B0H2K534 |
| Category Code: | DSH |
| TIDM: | PFC |
| LEI Code: | 2138004624W8CKCSJ177 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 350553 |
| EQS News ID: | 2000741 |
| End of Announcement | EQS News Service |
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