TIDMPFC
RNS Number : 7126V
Petrofac Limited
11 August 2020
PETROFAC ANNOUNCES NEW TARGETS TO ADVANCE SUSTAINABILITY
AGENDA
-- Commitment to reach Net Zero (1) in Scope 1 and 2 emissions (2) by 2030
-- Targeting 30% of women in senior roles (3) by 2030
-- Targets embedded in management scorecards
Petrofac ("Petrofac" or "the Company") today announces two
important environmental and gender diversity targets to advance its
broader sustainability agenda. Sustainability is at the core of
Petrofac's strategy and critical to creating long-term value for
all stakeholders. The Company's purpose is focused on enabling
clients to meet the world's evolving energy needs, and to work
collectively with industry to achieve a more sustainable, inclusive
and diverse energy sector.
Group Chief Executive Ayman Asfari said: "Our vision is to be
the preferred services partner to the energy industry, trusted to
deliver to high quality and standards. Our sustainability agenda is
key to this aspiration and the environmental and diversity targets
we are announcing today represent a significant step forward.
"Our Net Zero target supports the principles of the Paris
Agreement, the UK government's Net Zero goal, and is aligned with
our clients' own ambitions as the sector moves to a net zero
future. Our gender diversity target will help develop more women
leaders for Petrofac and our industry, and builds on our work of
increasing female representation at both Board and junior
levels.
"Sustainability is at the core of our strategy, underpinning
best-in-class delivery, future growth and enhanced returns. It
allows us to help clients decarbonise their activities as well as
our own; promote safe, local delivery and ethical value chains
underpinned by rigorous compliance and governance; and build a
diverse workforce that helps address the sector's skills gap."
Net Zero
We aim to reduce our Scope 1 and 2 emissions (2) to Net Zero (1)
by 2030, and work to influence our supply chain to set their own
reduction targets. Our Net Zero Strategy of 'Reduce, Transform,
Enable' will focus the business on three areas:
-- Reduce - cut our emissions by implementing energy
efficiencies and low carbon strategies on sites and operations,
optimising our operations and methods of construction and advancing
flare and venting reduction and carbon abatement plans.
-- Transform - adopt new technologies such as phasing in hybrid
and electric vehicles on site, decarbonising our heating and
cooling systems by switching to renewable electricity where
available and fitting smart building technology in our offices to
maximise energy efficiency.
-- Enable - support our clients, partners and suppliers in their
lower carbon ambitions, enable flexible and agile working
practices, continue to embed emission reductions targets in
management scorecards and incentivise our staff to be advocates for
Net Zero.
At a divisional level, we expect Engineering & Production
Services ("EPS") to reduce its Scope 1 and 2 (2) emissions to Net
Zero (1) by 2025, while Engineering & Construction ("E&C")
and Integrated Energy Services ("IES") will achieve the same by
2030.
Diversity and Inclusion
Petrofac comprises 80 nationalities and its Board has achieved
33% female representation, but we recognise we need to do more to
increase the number of women in management. We will achieve our
target of 30% of women in senior roles (3) by 2030 through a series
of measures that include: continuing to embed diversity targets in
management scorecards; developing our in-house diversity and
inclusion capability; implementing Women in Leadership and "working
without bias" training programmes for all our employees and;
mentoring high potential women by Executive Committee members. To
ensure we achieve our 2030 target, we are also setting interim
targets of 10% of women in senior roles by 2021 and 20% of women in
senior roles by 2025.
We are proud of our track record of developing young talent and
building diversity from within. We will build on the 46% women in
our 2019 graduate engineering intake by continuing to encourage
more female graduates to join Petrofac as we develop our female
leaders.
Finally, we want to build teams that reflect the communities we
serve, and will be advancing programmes such as our graduate
academy to further increase the national diversity of our workforce
and leadership to better reflect the countries in which we
operate.
NOTES
(1) Net Zero: no net increase in GHG emissions to the atmosphere
as a result of GHG emissions associated with Petrofac's activities,
where residual emissions will be offset by carbon credits.
(2) Scope 1 (direct emissions e.g., production processes) and
Scope 2 (indirect emissions e.g. energy purchased).
(3) Executive management and direct reports (as per Hampton-Alexander criteria).
ENDS
Disclaimer:
This announcement contains forward-looking statements relating
to the business, financial performance and results of Petrofac and
the industry in which Petrofac operates. These statements may be
identified by words such as "expect", "believe", "estimate",
"plan", "target", or "forecast" and similar expressions, or by
their context. These statements are based on current knowledge and
assumptions and involve risks and uncertainties. Various factors
could cause actual future results, performance or events to differ
materially from those described in these statements and neither
Petrofac nor any other person accepts any responsibility for the
accuracy of the opinions expressed in this presentation or the
underlying assumptions. No obligation is assumed to update any
forward-looking statements.
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Yarr, Head of Investor Relations
jonathan.yarr@petrofac.com
Aaron Clark, Investor Relations & Communications Manager
aaron.clark@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
LEI 2138004624W8CKCSJ177
NOTES TO EDITORS
Petrofac is a leading international service provider to the
energy industry, with a diverse client portfolio including many of
the world's leading energy companies.
Petrofac designs, builds, manages and maintains oil, gas,
refining, petrochemicals and renewable energy infrastructure. Our
purpose is to enable our clients to meet the world's evolving
energy needs. Our six values - safe; ethical; innovative;
responsive; quality & cost conscious; driven to deliver - are
at the heart of everything we do.
Petrofac's core markets are in the Middle East and North Africa
(MENA) region and the UK North Sea, where we have built a long and
successful track record of safe, reliable and innovative execution,
underpinned by a cost effective and local delivery model with a
strong focus on in-country value. We operate in several other
significant markets, including India, South East Asia and the
United States. We have 10,700 employees based across 31 offices
globally.
Petrofac is quoted on the London Stock Exchange (symbol:
PFC).
For additional information, please refer to the Petrofac website
at www.petrofac.com
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END
MSCURRRRRUUWAUR
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August 11, 2020 02:00 ET (06:00 GMT)
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