Petrofac News

To the directors of London-listed oil services group Petrofac Ltd, a proposed "value creation plan" seemed an appropriate way to reward executives for success.

British oil services firm Petrofac said it was confident of delivering profit growth of at least 15 percent in 2012, in line with previous guidance, as major projects in Abu Dhabi, Algeria and Turkmenistan progressed well.

Oil and gas services group Petrofac has said that its year-to-date performance has been in line with expectations and it still remains on track to grow net profits by at least 15 per cent in 2012.

As Petrofac becomes the latest to face shareholder anger, James Moore finds backing stock market winners is so much harder than Dragons' Den "The moment an entrepreneur's company gets big enough to get a board of directors their first job should be to sack the entrepreneur," said one luminary of the private equity world.

OIL services firm Petrofac and commodities trader Glencore will be the latest blue-chip companies to come into rebel shareholders' sights this week as anger continues over executive pay and perks.

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