Petrofac plans employee share scheme

Petrofac plans to launch an all-employee share plan to aid recruitment to match company growth.

The international oil and gas facilities firm has seen demand for its services grow due to the increasing global demand in the industry.

The company, which floats this month with a market capitalisation of about £700m based on a share offer price range of 180-230 pence, is in discussions on how to structure a new share scheme for 5,500 staff across the globe.

A spokesman for the company said: "The intention is to have [an employee share scheme], because one of the reasons Petrofac is floating is to retain and to attract the best staff in an industry where skills are relatively scarce.

"What hasn’t been decided, and what will be agreed over the next few weeks as part of the flotation process, [are the terms of] the share scheme going forward because that will depend on the flotation process and the things that are put in place."

At float 500 senior managers will be able to cash in some of the options they have been granted over time. "It has still to be decided [what will happen to their options on flotation]. They will be able to sell a minority of their stake, but it will depend what the investment institutions want to do," the spokesman added.