Oil Search claim took a huge toll that I had to settle, says its former CFO designate

Speaking for the first time since ending a three-year claim against Oil Search – owned by Santos – Ayten Saridas says she would have won but had to settle due to a huge toll on her wellbeing.

Ayten Saridas leaving Federal Court in Sydney. Picture: Gaye Gerard

Ayten Saridas – the former chief financial officer designate of Oil Search – has revealed her three-year court case against the company now owned by Santos took such a toll on her wellbeing that she had little choice but to settle even though she was confident of a victory.

Ms Saridas has spoken publicly for the first time since her claim against Oil Search was settled, insisting she has no regrets about the claim – as it restores her reputation.

Ms Saridas launched a legal claim against Oil Search, alleging the company had breached a contract governing her departure through disparaging behaviour towards her that she claimed ruined her chances of other jobs.

The alleged behaviour of Oil Search’s then chief executive Keiran Wulff and former chief financial officer Stephen Gardiner came after Ms Saridas claims she experienced bullying and harassment following her attempts to raise concerns about the company’s financial position.

Oil Search, Dr Wulff and Mr Gardiner deny the claims.

The case was this week set to resume hearings where Ms Saridas was set to resume her testimony. A series of Oil Search witnesses were then scheduled to be called, which Ms Saridas’s legal team believed would be advantageous for their claim.

But an eleventh hour settlement deal, exclusively revealed by The Australian, was struck.

Giving her first interview since the settlement, Ms Saridas said: “I’ve been at this for three years, it’s affected me, mentally, financially, emotionally, it’s affected my relationship with my family.

“This has been tough going for me for three years. Even if we went through the next two weeks, the position was that the judge could have taken six to nine months to decide what the damages were.

“It was a real risk that Santos could have appealed, and it could have dragged out even longer.

“So you could set yourself in my position. I’m 57, nearly 58 years old. I can only cope so much. I’m one individual against a $25bn balance sheet … Why did I settle? Because my mental state couldn’t cope with it anymore.”

Under the terms of the deal, Ms Saridas is unable to reveal the size of any financial compensation – though sources described the compensation as modest.

Still, Ms Saridas has secured vindication in her mind.

Shortly after joining Oil Search, Ms Saridas raised concerns about the financial wellbeing of the fossil fuel giant. Ms Saridas has claimed Oil Search misled the market by not fully disclosing its debt issues.

Oil Search merged with Santos in a deal worth about $21bn in 2021. Investors were urged to accept the offer due to concern Oil Search would not be able to raise the capital needed to deliver its projects without the backing of an even bigger corporation.

A Santos spokeswoman declined to add anything more to a joint statement where the company “acknowledged” Ms Saridas had performed well in her role as designated chief financial officer.

“In settling the matter, Oil Search unreservedly acknowledges that Ms Saridas is an experienced chief financial officer and … further acknowledges that Ms Saridas at all times acted properly, professionally and with integrity in discharging her duties with Oil Search,” the joint statement read.

“Oil Search wishes Ms Saridas all the best in the next chapter of her career and thanks her for the valuable contributions …”

Ms Saridas said she will continue to work and has plenty more to offer. She is managing director at Australian Pacific Coal.