Norwegian Energy Company (Noreco) has installed a new CEO and CFO as it looks to stablize its financial position and following the departure of CEO Svein Arild Killinland.
Tommy Sundt, the firm's CFO, takes over from Killingland. Odd Arne Slettebø will replace Sundt as CFO.
Image: Huntington is produced using the Sevan Voyageur cylindrical FPSO.
Late last week, Noreco said it is seeking to defer bond and bond interest payments as it continues to face financial pressure over impairments on key production assest.
Noreco has said, according to updated reservoir modeling by operator Dong Energy, its 15% share of the reserves at the Oselvar gas field in the Norwegian sector of the North Sea need to be written down by 50-75%.
The firm is also facing a write-down on its 20% share in the E.ON operated Huntington field, due to production budgets by the operator indicating a “significant reduction” compared to Noreco’s current estimates. This could result in a NOK700 million write down, said Noreco.
In addition, there has been an unplanned shut-down on the Huntington field, due to a restriction in the Central Area Transmission System (CATS), operated by BP.
Killingland had joined Noreco in 2013. He had previously worked at Norwegian private equity firm HitecVision, as well as Statoil, Revus Energy and Wintershall.
Sundt was appointed CFO of the Company on 2 September 2014. Before that, he spent 10 years as CFO of Rocksource. Before that, Sundt worked in companies involved with business development, entrepreneurial activities and investments.
He worked as an auditor early in his career, and has an MSc in business economics from the Norwegian School of Economics (NHH).
Noreco said Sundt would be charged with "finding solutions to the challenging position in which the company finds itself and to realise the opportunities inherent in its business."
Slettebø joined Noreco in August 2012 and was until now group finance manager.
Slettebø is a state-authorized public accountant and holds a master degree in Accounting and Auditing from Norwegian School of Economics and Business administration (NHH), in addition to a Bachelor degree in Business administration from Bergen University College.
Before joining Noreco he was Audit Manager in PwC (PricewaterhouseCoopers) where he had worked five years with audit of large and medium sized clients in the oil and gas and oil service industry.
“I look forward to continuing to work with my highly competent colleagues, and to working hard to resolve the Company’s challenges,” said Sundt.
Read more:
Subscribe
