Oil service flotation creates £330,000 staff windfall

Hundreds of Scottish employees are to receive an average £330,000 windfall following the flotation of a North Sea oil service company.

Around 500 staff who work for Petrofac own 30% of the shares of the company and, if analysts are right, should share around £165m.

The company employs 5,500 people worldwide, with most based in Aberdeen.

A spokesman said the shareholders were at all levels and had all bought their shares. Analysts estimate that Petrofac will be valued at around £550m on flotation.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today and OHW+ - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Name

This field is for validation purposes and should be left unchanged.

Δ

However, the shareholders will not be able to cash in immediately. The company spokesman said they would be able to sell some of their stake in the float, but restrictions would be placed on the amount.