Petrofac hires tarnished ex-BP boss

By THIS IS MONEY
Updated: 05:43 EST, 6 January 2011

The former head of drilling safety at BP has completed his corporate comeback by joining oil services firm Petrofac less than a year after he was forced to quit following the Gulf of Mexico oil spill.

Comeback: Andy Inglis will be paid closer to £850,000 than the £2m pay packet he got from BP

Andy Inglis, who spent 30 years with the oil giant, becomes Petrofac's chief executive of energy and production following a handover period due to end in March.

But despite his speedy return to the limelight, Inglis's new bosses are unlikely to match the £2m pay packet he got from BP (up 6.35p at 499.25p), paying him closer to the £850,000 his predecessor earned.

Analysts cautiously welcomed the news, suggesting it showed that Petrofac (up 27p at 1,649p) was looking at increasing its presence in oil and gas production, rather than just providing services to oil firms.

Oil analyst Peter Hitchens of Panmure Gordon said: 'You wouldn't bring in a hotshot like Andy if you're not looking to build up the production business.'

He added: 'He is slightly tarnished by the oil spill but is still very capable. It was always a matter of time before he got another job. I expect Tony Hayward will also get a good job soon.'

Inglis had previously been mooted as a possible replacement for former boss Tony Hayward.

But he was forced to resign last year as head of drilling and offshore safety after the Deepwater Horizon oil rig explosion and subsequent spillage.

His remarkable comeback puts him alongside the likes of Andy Hornby, George Davies and Lord Browne. Hornby left HBOS in disgrace in 2008, but less than a year later he landed the top job at Alliance Boots.

Former Next boss George Davies was sacked after accusations of bringing the company to the verge of bankruptcy.

He went on to create George at Asda and Marks & Spencer's Per Una range, and now runs online fashion retailer GIVe which he set up in 2009.

Lord Browne, when he was plain old John, ended his time as BP chief executive in a messy fashion involving allegations of misusing company money and perjury.

But just a few years on he is advising the Government on its flagship tuition fees policy and is managing director of private equity firm Riverstone.