Dubai-based rig builder and engineering firm Lamprell's new CEO Christopher McDonald has taken up his role as firm enters "challenging period."
James Moffat, who has been in the role of CEO since March 2013, has stepped down but will continue to support Mr McDonald full time until mid-November.
John Kennedy will continue in the role of executive chairman until such time as the transition to the new CEO has been completed, to ensure a smooth and orderly transition to the new management, said Lamprell.
Kennedy said: "Lamprell is entering a challenging period as it responds to the continuing downturn in the market and I am confident that McDonald's wealth of experience in business development will help to reposition the company for renewed growth."