New CEO taking the reins at SBM Offshore

Dutch FPSO operator SBM Offshore has disclosed the departure of its current Chief Executive Officer (CEO) and Chair of the management board along with the appointment of his successor.

Øivind Tangen, SBM Offshore's current Chief Operating Officer (COO) and incoming CEO and Chair of the management board; Source: SBM Offshore

After 12 years in the role as SBM Offshore’s CEO and Chair of the Management Board, Bruno Chabas has decided not to seek a fourth mandate at the end of his current term on April 12, 2024. As a result, the firm’s supervisory board has made up its mind to appoint Øivind Tangen, current Chief Operating Officer (COO) and member of the management board, as CEO and Chair of the management board from the same date, following the Dutch player’s annual general meeting.

Chabas highlighted: “It has been a huge privilege to serve the company as CEO for the last 12 years, where I had the honor to lead a team of dedicated people who supported me in transforming and turning this organization around. Today, the group has a well-established vision, purpose, and structure with a leading market position and strong growth prospects in the industry.

“I am especially proud that SBM Offshore has a leadership team which makes an internal succession possible; I am extremely pleased to hand over my responsibilities to Øivind, who, I am sure, will successfully guide the company to achieve its ambitious energy transition targets.”

Tangen, who joined SBM Offshore 21 years ago, has been COO and a member of the management board since 2022. As a member of the executive committee before that, he was responsible for SBM Offshore’s FPSO fleet. After April 12, 2024, the management board will continue as a two-person board consisting of the CEO, Tangen, and Chief Financial Officer (CFO), Douglas Wood. Chabas will act as an advisor to the company to facilitate a smooth transition during 2024.

Tangen underlined: “It is a great honor to have been selected as the successor to Bruno in the role of CEO and Chair of the management board of SBM Offshore. Bruno is handing over a company that is in a very strong position, and it is with great enthusiasm I commit to working with the whole SBM team to continue to successfully deliver the company’s strategy for the years to come.”

As the supervisory board sees Tangen as “an excellent successor” with the right capabilities and experience to ensure the successful continuation of SBM Offshore’s businesses, Roeland Baan, Chair of the supervisory board, explained: “Øivind has shown strong leadership and people skills in his current and former roles. His extensive experience in all the areas of our core businesses will enable him to be an effective CEO leading SBM Offshore going forward.”

Recently, the Dutch player got a contract to perform front end engineering and design (FEED) for an FPSO, which is destined to work on ExxonMobil’s sixth deepwater oil development project on the Stabroek block offshore Guyana.