KNOT Offshore CEO to step down next year

The chief executive officer (CEO) and chief financial officer (CFO) of KNOT Offshore Partners (KNOP) has decided to step down from his roles in the company.

KNOP said on Thursday that CEO and CFO John Costain revealed he would step down from his roles in the partnership to pursue other interests.

Although he will be resigning from the company, Costain will be available until May 31, 2019, which will provide the board of directors with sufficient time to find a replacement when he steps down.

Trygve Seglem, the chairman of the board, said: “On behalf of our board, I would like to thank John for his significant contribution and dedication to KNOP. We are very pleased with the development of the partnership during his tenure, and we wish him the very best in pursuing other business opportunities.”

Costain served as KNOP’s and KNOT UK’s CEO and CFO since June 2015. He previously served as a member of the board of directors since February 2013. He took over the roles from Arild Vik who announced his departure in February 2015.

Before his time in KNOP, Costain served as a finance director of Tankers Agencies, which acts as an agent to Tankers International Pool. From 1991 to 2004, He held various positions at Euronav, including finance director and managing director of the offshore holding shipping company as well as other positions in finance.