Director/PDMR Shareholding

RNS Number : 0724M

Petrofac Limited

17 May 2010

 



17 May 2010

Petrofac Limited (the "Company")

Notification of Transactions by

Persons Discharging Managerial Responsibilities (PDMRs)

Following the completion of the Demerger of Petrofac's UK Continental Shelf oil and gas assets to EnQuest PLC, the Company has applied an adjustment factor of 1.08 (8%) to unvested share awards held under the Petrofac Performance Share Plan ("PSP"). This adjustment is intended to compensate awardholders for the fact they that they were not entitled to EnQuest PLC shares (and that the Petrofac Group has decreased in size).

In addition, the Company made a number of PSP awards to Directors and PDMRs on 14 May 2010. These awards form part of the Company's annual bonus awards ordinarily made on 19 March each year but which were postponed this year in order to enable the Company to make the awards under the revised PSP rules approved by shareholders at the Company's 2010 Annual General Meeting.

The awards will vest, provided a participant does not leave the Company's employment and to the extent that the performance conditions have been satisfied, on 19 March 2013. Awards were made at nil cost to participants.

The table below reflects both the application of the uplift factor and the PSP awards over ordinary shares of US$0.02 each in the Company (the "Shares") made to Directors and PDMRs on 14 May 2010.

Directors	Total number of unvested Shares held under the PSP before adjustment for the Demerger	Additional Shares received upon adjustment for the Demerger	Number of Shares awarded under the PSP on 14 May 2010	Total number of Shares held under the PSP after 14 May 2010	Total number of Shares held under the PSP after 14 May 2010, expressed as % of the total shares in issue
Ayman Asfari	220,571	17,645	88,213	326,429	0.094
Maroun Semaan	121,017	9,681	66,462	197,160	0.057
Keith Roberts	97,088	7,766	53,110	157,964	0.046
PDMRs
Marwan Chedid	48,598	3,887	18,754	71,239	0.021
Bill Dunnett	31,301	2,503	15,914	49,718	0.014
Gordon East	28,894	2,310	11,367	42,571	0.012
Paul Groves	-	-	3,637	3,637	0.001
Robert Jewkes	38,526	3,081	13,641	55,248	0.016
Richard Milne	61,451	4,915	17,279	83,645	0.024
Robin Pinchbeck	69,874	5,589	18,188	93,651	0.027
SS Sarma	29,626	2,369	12,503	44,498	0.013
Rajesh Verma	38,446	3,075	15,629	57,150	0.017

If participants and their connected persons hold Shares outside the PSP (or any other Company share incentive scheme), separate announcements are made under the Disclosure and Transparency Rules as required.

The Company's issued share capital consists of 345,629,656 Shares with voting rights. Each Share carries the right to one vote. The Company does not hold any Shares in Treasury.

Contact for enquiries:

Petrofac Limited

Sofia Bernsand

020 7811 4900

 

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