Petrofac prepares for flotation

PETROFAC, the oil services company, has begun the search for top-level figures to run its demerged North Sea oil assets ahead of a proposed flotation, according to market sources.

The FTSE-100 company is believed to have approached Cairn Energy non-executive director James Buckee, former chief executive of Canada's Talisman Energy, to become chairman of the spin-off.

Petrofac is expected to appoint a chief executive to run the business, to be built around its Don North Sea oilfields. Amjad Bseisu, who runs its energy development division, is in line for the job.