Ex-Petrofac Chief Forms New Company

Ex-Petrofac Chief Forms New Company
Venterra Group plc has been created.

Ayman Asfari, who previously served as the group chief executive of Petrofac, has formed Venterra Group plc.

The business was made by Asfari and colleagues to create a global services champion supporting the offshore wind industry’s rapid expansion and leading role in the energy transition, the company’s website outlined. Venterra’s mission is said to be to service wind energy developers globally with best-in-class engineering, construction and operations services, through acquiring and partnering with experienced and differentiated providers with an entrepreneurial culture and technological drive.

The company noted that it has assembled a strong board and management team with a business plan to invest around $314.4 million (GBP 250 million) in cash and by the issue of shares by mid-2022 in capabilities across the windfarm life cycle. Venterra Group, which calculates that its global addressable market will be an average of $10.9 billion (GBP 8 billion) a year over the next decade, said its intention is to seek a public listing for its shares to maintain its growth trajectory.   

“Offshore wind energy is growing fast around the world and is essential to the global energy transition”, Afari said in a company statement. “But there is a supply chain  crunch - the services industry supporting wind is highly fragmented and needs greater scale and additional capital to meet soaring demand from governments and developers with ambitious renewable energy commitments,” he added in the statement.

“Venterra has been created to help meet this challenge. We are bringing together companies with the right experience and specialist skills and providing them with funding and support to create a services champion with the scale and breadth required by the market,” Asfari went on to say.

In October last year, Petrofac announced that Asfari had decided to retire as the company’s group chief executive at the end of 2020 to focus on his family, health and charitable interests. Asfari, who had served as the company’s group chief executive since 2002, has been a non-executive director at Petrofac since January this year. He has 40 years of experience in the oil and gas industry.

Venterra’s board of directors is made up of Asfari, who is the executive chairman of the company, and the following people:

  • Rob Jewkes – chief executive officer. Jewkes has more than 45 years of experience in engineering and construction and most recently served as the chief operating officer of Petrofac’s Integrated Energy Services business. 
  • Ivan Ronald – chief financial officer. Ronald has over 25 years of experience across a range of sectors, most recently as the chief financial officer of GKN Aerospace, a Melrose Industries company. He previously held roles at Centrica, IMI and AstraZeneca.
  • Vivienne Cox - non-executive director. Cox worked for BP for 28 years in Britain and continental Europe, including as executive vice president and chief executive of BP’s gas, power and renewable business and its alternative energy unit. 
  • Tove Feld - non-executive director. Feld has more than 25 years of experience in the renewables sector with a focus on offshore wind. Her previous roles include chief technology officer of Orsted, as well as head of engineering solutions offshore at Siemens Wind Power and MD DNV Global Wind Energy.

Venterra, whose head office is based in London, has already acquired three initial businesses to support its clients. The company operates from 13 locations in nine countries and altogether has more than 250 employees, according to its website. 

To contact the author, email andreas.exarheas@rigzone.com

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