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Abu Dhabi firm invests in Petrofac

6 August 2026

Oil and gas industry contractor Petrofac has announced that Abu Dhabi-based, privately held investment company Al-Mazrui International has completed an investment in Petrofac HoldCo, the holding company of UAE-based Petrofac Emirates.

Following the investment, Al-Mazrui has joined the existing consortium of investors led by New York-headquartered hedge fund Mason Capital Management and UK-based asset manager Pearlstone Alternative, which acquired Petrofac Emirates in late May.

“The investment strengthens Petrofac’s long-term ownership structure and reflects continued confidence in the business strategy, capabilities and growth prospects. Al-Mazrui brings significant regional expertise and a strong track record of investing in businesses that support the UAE’s industrial and energy sectors,” Petrofac said in a statement on 6 August. 

“The addition of Mazrui as a strategic shareholder reinforces Petrofac’s commitment to supporting customers across the UAE and the wider region and positions the business for its next phase of growth,” the company said without disclosing the value of Al-Mazrui’s investment or the terms of the deal.

“The transaction has now completed, and Petrofac looks forward to working closely with Al-Mazrui and its existing shareholders to build on its strong market position,” it added.

Petrofac has turned a corner this year after completing the sale of its Asset Solutions business in April and its UAE-based unit, Petrofac Emirates, in late May – marking the end of a tumultuous period for the UK-headquartered company that began at least as early as 2019.

Following its takeover by the Mason Capital-led consortium, Petrofac formed a new board of directors in July.

The board will be supported by CEO Tareq Kawash and chief financial officer Suresh Swaminathan. It will be chaired by Michael Martino, founder and principal of Mason Capital Management, who brings nearly 30 years of capital markets and restructuring experience and currently serves as executive chairman of ATS Corporation and CB&I Holding, as well as a director at McDermott International.

The non-executive directors are Samuel Read, a Mason Capital partner focused on restructurings and special situations and formerly with Carlyle’s distressed investing team; Cesar Canals, a global energy and engineering leader and former CEO and president of CB&I; David Davies, a former chief financial officer at Austria’s OMV and a deputy chairman with audit committee and public-company board experience, including prior service on Petrofac’s board; and Farhan Mujib, an engineering, procurement and construction and international energy projects executive, formerly president and representative director at JGC Corporation, with previous senior roles at KBR.

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Indrajit Sen

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