Prime Highlights
- Petrofac has completed the sale of Petrofac Emirates to a consortium led by Mason Capital Management and Pearlstone Alternative.
- Tareq Kawash has been appointed CEO of Petrofac Emirates to lead the business under its new ownership structure.
Key Facts
- Petrofac Emirates represents Petrofac’s core Engineering and Construction operations in the UAE.
- The company will operate without funded debt following the transaction and will focus on growth opportunities across the MENA region.
Background
Petrofac has completed the sale of Petrofac Emirates to a consortium of financial investors led by Mason Capital Management and Pearlstone Alternative (UK), marking a significant step in the company’s restructuring efforts.
Petrofac Emirates, which houses Petrofac’s core Engineering and Construction (E&C) operations in the UAE, will now operate under new ownership with a focus on long-term growth and expansion. The company said the transaction leaves Petrofac Emirates with no funded debt on its balance sheet and provides a strong platform for future development.
As part of the transition, Tareq Kawash has been appointed Chief Executive Officer of Petrofac Emirates. With more than three decades of international engineering, procurement and construction leadership experience, Kawash will oversee the next phase of the business and maintain continuity for customers and stakeholders.
Kawash said the deal marked the start of a new chapter for the company and positioned it to build on its existing strengths, deepen customer relationships, and pursue opportunities across the Middle East and North Africa region. He also acknowledged the contribution of outgoing Group Chief Financial Officer Afonso Reis e Sousa, who will step down following the completion of the sale of Petrofac’s two principal divisions.
The investor group said Petrofac Emirates possesses strong technical capabilities and a proven track record in the energy engineering sector. The new owners plan to support the company’s strategic goals and help it capitalize on emerging opportunities in the regional EPC market.
The transaction follows the sale of Petrofac Asset Solutions in April and completes the divestment of Petrofac’s two main divisions. Company representatives said the deals provide both businesses with clear paths forward under new ownership and create a solid foundation for future success.
