Lamprell Looking for New CEO, CFO and COO

Lamprell, a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, announces that Nigel McCue is standing down as Chief Executive and as a director of the Company.

Peter Whitbread, former Chief Executive who was with Lamprell from 1992 until 2009, has been appointed as Interim Chief Executive and will join the Board with immediate effect.

Jon Cooper, Chief Financial Officer and Chris Hand, Chief Operating Officer, are also standing down as directors but will remain with the Company in order to ensure continuity in senior roles until such time as suitable replacements are recruited.

The Board is engaged in a search process to identify, in each case, a permanent CEO, CFO and COO and that process will be expedited appropriately.

John Kennedy, Chairman, Lamprell, commented:

“The Board has stated that it feels a refreshed management team will bring a more focused sense of delivery to all our stakeholders and our search for new management in these key senior roles is now in train. I want to thank Nigel for his contribution to Lamprell during his six years at the company, both as a non-executive then as an executive director. I am pleased Peter is taking over on an interim basis and with his knowledge of the Company he will be able to hit the ground running, providing stability at this important time for the Company.”

Peter Whitbread, the newly appointed Interim Chief Executive, is a Chartered Quantity Surveyor with over 35 years of experience in the oil and gas services sector, with extensive experience in managing marine construction companies and in the direct project management of a wide range of major marine projects, heavy marine equipment and vessels. Whitbread joined Lamprell in 1992, and was the Chief Executive Officer of the Group until May 2009 and was also the Chairman of the Group until 5 February 2008. He was appointed as the Director of International Development in May 2009. During his career he has held a number of other senior management positions and directorships with marine construction companies in the Middle East region.

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Press Release, October 5, 2012