OIL services firm Petrofac has hired the former boss of BP’s exploration and production (E&P) arm to run its energy developments business, less than four months after he quit BP in the wake of the Gulf of Mexico disaster.
Andy Inglis, 51, will join the Petrofac board in March after relocating to London from Houston, Texas.
Inglis started his career at BP and stayed with the oil major for 20 years, working his way up to become one of former chief executive Tony Hayward’s top deputies.
He stood down as part of new boss Bob Dudley’s reshuffle in September, following the Deepwater Horizon explosion that killed 11 workers and is set to cost BP up to $20bn (£13bn) in compensation payments. The US government is due to publish a report into the causes of the spill next week.
Analysts said the appointment marked a milestone in Petrofac’s increasing focus on energy developments, which includes co-investing in oil and gas production, processing and transportation assets. The branch currently employs more than 400 people.
However not all analysts were convinced of the value of the strategy.
“This appointment is very much mixed news, in our view,” said Peter Hitchens, oil analyst at Panmure Gordon.
“This will move the company further down the hybrid route [oil services and E&P] rather than a pure oil service play and, as such, will make the company less easy to value.”
Shares in Petrofac closed up 1.6 per cent at £16.49 yesterday.