Fugro’s CEO to Step Down

Fugro has informed that its current CEO, Paul van Riel, will retire on April 26, 2018.

The supervisory board of Fugro has decided to nominate Øystein Løseth for the appointment as a member of the board of management and subsequently as CEO.

If Løseth is appointed, he will join the board of management starting January 01, 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.

Øystein Løseth has extensive management experience at board level in several companies. From October 2014 until recently he was on the board of directors of Norwegian company Statoil, of which the last two years as chairman of the board. Previously he was CEO of Vattenfall and NUON.

Paul van Riel, CEO and chairman of the board of management of Fugro 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. I look forward to working with Øystein in the first months of 2018 to ensure a proper handover and smooth transition.”

Øystein Løseth said: “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.”