London, 30 August 2012: Kentz Corporation Limited
(LSE:KENZ), the holding company of the Kentz engineering and
construction group, is pleased to announce the appointment of
David MacFarlane (55) to the Board as a new independent,
Non-Executive Director, effective from 29 August 2012.
It is also announced that Hassan Abas has retired as a
Non-Executive Director of Kentz
Corporation Limited with effect from 29 August 2012.
David will join the Audit Committee from the date of his
appointment. David's addition is
aligned with recent changes to guidance on the role of the Audit
Committee and strengthens the Board's FTSE 250 corporate
governance, financial and transaction
David brings over 30 years of financial management and
directorship experience from the oil and gas sector and has held a
number of senior financial roles within the industry since
originally qualifying as a chartered accountant in 1981. Most
recently, he was Finance Director of FTSE 250 Dana Petroleum plc,
where from 2002 onwards, he oversaw a 10-fold growth in market
capitalisation to a value close to £1.6 billion at the point of
takeover by Korean National Oil Company in 2010.
David's previous roles include that of Finance Manager of
Europe, North Africa, and Asia for the production business unit of
Amerada Hess, and Commercial and Financial Director for JP Kenny
Engineering, a subsidiary of John Wood Group plc where he worked on
both the acquisition and integration of the business.
David ceased being a Director of Dana Petroleum plc on March 21,
2011. His current Non-Executive Director roles include:
- Energy Assets Group plc , recently floated on the main London
market, where he is currently the Senior Independent Director, and
Audit and Remuneration Committee
- Bayfield Energy Holdings plc. listed on AIM, where he is
currently the Audit Committee Chair; and
- Atlantic Petroleum P/F, a Faroese company, listed in both
Denmark and Iceland, where he also holds the positions of Audit and
Remuneration Committee Chair.
There are no additional disclosures that are required to be made
in respect of Rules
9.6.13(2)-(6) of the Listing Rules.
Tan Sri Razali, Chairman of Kentz, commented:
"I have personally known Hassan Abas for many years and have
welcomed his financial guidance and corporate governance rigour in
steering Kentz from a private company to the public market. He has
been a constant and pragmatic member of the Board and I thank him
for his significant contribution over the past 18 years.
"I am delighted to welcome David to the Board of Kentz. David
brings significant experience, notably of financial management
across the energy sector, which complements he strong industry
expertise present on our Board. In addition, his aticipation in a
range of high profile transactions and active knowledge of
governance and regulatory matters will be instrumental in helping
Kentz to deliver continued growth over the coming years. I am
certain David's appointment will further strengthen the Board and I
look forward to working with him."
For more information please refer to the website
www.kentz.com or contact:
Tel: +44 (0)20 3159 4003
Tel: +44 (0) 20 7920 3150
Kentz is a global engineering specialist solutions provider,
which serves a blue chip client base primarily in the oil and gas,
petrochemical and mining and metals sectors. It is listed on the
London Stock Exchange (symbol: KENZ). In the year ending December
2011, the company generated revenues of $1.37 billion and profit
before tax of $79.4 million.
Kentz has over 14,000 employees in 29 countries. Its three main
business lines are; specialist Engineering, Procurement and
Construction (EPC) services, Construction, and Technical Support
Services. It has a proven track record of delivering mechanical,
electrical, controls and instrumentation engineering, construction
and management services in some of the most remote locations on
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