CGG man to take helm at Magseis

  • Business & Finance

Magseis, a Norwegian geophysical company, has appointed Idar Horstad as the company’s new Chief Executive Oficer (CEO). 

Magseis said that Horstad will succeed co-founder and CEO of the company, Ivar Gimse, in October 2016.

According to Magseis, Horstad is currently employed as Senior Vice President of CGG Multi Client and New Ventures. Before his Senior VP position, Horstad has held several management positions in CGG, Fugro, and Fugro Geoteam as well as being a geologist in Saga Petroleum.

The company said that Horstad comes in at the right moment to assume the position of CEO and that his 15-year experience in the seismic industry provides a good background for the position.

Ivar Gimse, who is one of the founders of Magseis, has served as CEO since the start in 2009. He will take on the position as SVP Business Development and will report directly to Horstad.

Magseis’ Chairman of the Board, Mari Thjømøe, said: “Ivar Gimse has done an excellent job as CEO since the company was started. Magseis has had an extraordinary development and the Board of Directors acknowledge that Ivar Gimse has been essential in achieving the position as a leading international service provider of OBS technology,”

“At this stage, Magseis has secured a satisfactory backlog well into 2017 and also built a strong track record through its delivery of services to leading multinational oil and gas companies. This marks the start of a new phase for the company and the Board of Directors and Mr. Gimse, have concluded that the time is right for recruiting a new CEO that can manage Magseis through this its next phase of development; further growth and industrialization of its services.”

The soon-to-be CEO, Horstad, said: “I am very pleased to join Magseis, and I look forward to working together with the Board of Directors, Ivar Gimse and his co-founders who will continue to be very important in the further development of the Company.”

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