Former Statoil chair to replace retiring Fugro CEO

  • Business & Finance

Fugro, a Dutch provider of offshore and onshore geotechnical and survey services, has nominated Øystein Løseth as its new CEO as its current head, Paul van Riel, plans to retire in April next year. 

Fugro informed on Monday that its current CEO Paul van Riel will retire as planned at the end of his term at the Annual General Meeting on April 26, 2018.

Therefore, the supervisory board of Fugro has decided to nominate Øystein Løseth for appointment as member of the board of management and subsequently as CEO. For that purpose, an extraordinary general meeting will be held on December 14, 2017.

Fugro said that, if Løseth is appointed at the shareholders meeting, he will join the board of management starting January 1, 2018. After a transition period, he will succeed Paul van Riel, the current CEO and Chairman of the board of management, as of April 26, 2018.

Fugro noted that Løseth has extensive management experience at board level in major companies. From October 2014 until recently, Løseth was on the board of directors of Norwegian oil company Statoil, of which the last two years as chairman of the board. Previously he was CEO of Vattenfall AB, one of Europe’s largest producers of electricity and heat, and of NUON, a Dutch energy company.

Harrie Noy, chairman of the supervisory board: “Paul van Riel has led Fugro through one of the most difficult periods in its history. Under his leadership Fugro has been able to weather the unprecedented downturn in the oil and gas market while maintaining its strong market positions as independent services provider.”

Noy also added: “I am glad that with Øystein Løseth we have found a seasoned new leader. He has solid experience in the oil and gas market, and brings a broader scope facilitating Fugro’s ambitions to extend its business outside oil and gas. With our current strategy as guideline, we expect him to build on our core capabilities and return Fugro to profitability as the decline in Fugro’s key oil and gas market bottoms out. His experience with changes in the energy markets will certainly help to further grow Fugro’s position in the various markets in which it operates.”

Paul van Riel, CEO and Chairman of the Board of Management, said: “In the past years we have transformed Fugro into a client focused, efficient geo-intelligence and asset integrity solutions provider and dealt with a long and deep downturn in our key oil and gas market. The transformation is well on its way and our key market is beginning to stabilize, and my retirement coincides with the right time for a handover. In Øystein, with his wealth of relevant experience, I believe we have found an excellent person to take over the leadership of Fugro and bring the company into a next phase where we return to growth and success.”

Øystein Løseth: commented: “After several years in a non-executive role, I was ready for a new, challenging and exciting executive role in an international environment again. I feel that in this phase of my life I can contribute more in such a role. I am therefore excited about being given the opportunity to succeed Paul van Riel as CEO of Fugro. I have come to know Fugro as a company with very strong market positions and an excellent reputation, based on the skills of its people and innovative technologies, and look forward to interacting with Fugro’s clients.

“Also I look forward to returning to the Netherlands as I have enjoyed working there for many years. I am strongly committed to work with the Board of Management and Fugro’s staff to restore profitability, grow the markets outside oil and gas and to create value for all stakeholders.”

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