Dubai-based fabrication and engineering firm Lamprell's CEO James Moffat (pictured) is to retire 30 June 2016. Lamprell says a search to find his successor is under way.
Moffat joined Lamprell in 2013, at a time when it had been under financial strain, issuing a string of profit warnings. By 2014, the firm had been refinanced and was posting record profits, with six new jackup rig orders booked and several smaller orders.
But, at the start of this year, the firm warned that the depressed oil prices would make 2015 a challenging year, as the "industry adjusts to the new realities."
From 1996 and until joining the Lamprell Group, Moffat worked for the KBR group of companies, in various roles including heading up the Kellogg Joint Venture on the Gorgon Project, Australia. Before that Moffat worked for the McDermott group from 1977-1996 where he latterly managed the Batam facility in Indonesia.
He is a chartered engineer, has a BSc (Hons) in civil engineering from Edinburgh University and is a member of the Institution of Civil Engineers.
Lamprell is currently working on seven jackup rig orders.
John Kennedy, chairman, Lamprell, said: "We are sorry to see Jim Moffat retire and will always be grateful for his significant contribution. Under his management, the Company has delivered impressive financial and operational performance, including record profits in 2014, and is in a much stronger position as a result.
In other moves, Kennedy was appointed acting as executive chairman for the Group until the next annual general meeting of the company in 2016 "as the company refreshes its strategy in light of the current market environment," said Lamprell.
Tony Wright has been promoted to the role of CFO and has been appointed as an executive director of the board. Wright has been in the role of deputy chief financial officer since October 2014, having joined the group in 2013 and worked on its refinancing.
Mel Fitzgerald and Debra Valentine have also joined as non-executive directors.
Read more
Subscribe
