Noble Corporation replaces CFO after only three months

Offshore drilling contractor Noble Corporation has named a replacement for its departing chief financial officer (CFO).

Noble said on Monday that Richard Barker would replace Stephen M. Butz as CFO of the company, following Butz’s decision to step down as executive vice president and CFO to pursue other opportunities.

The rig owner said that Butz had decided to leave the company following the recently announced CEO transition plan. Namely, it was announced last February that, at the close of the company’s next annual general meeting of shareholders, Julie J. Robertson would resign as President and Chief Executive Officer of Noble Corp., and would take on the newly created role of an executive Chairman of the company’s board of directors.

According to the company’s statement on Monday, Butz’s departure is not the result of any disagreement with Noble regarding its accounting practices, financial statements, financial condition, or any of the company’s related disclosures.

It is worth noting that Butz joined the company in December 2019 as a replacement for Adam C. Peakes who had resigned in September that year.

From December 2014 until its merger with Ensco in April 2019, Butz served as EVP and CFO of Rowan. From April 2005 through November 2014, Butz served in various roles at Hercules and before that worked as an equity research analyst covering various energy-related industries and as a commercial banker.

Julie J. Robertson, chairman, president, and CEO of Noble, said: “Having known and worked with Richard for many years, we are delighted that he will be joining Noble as SVP and CFO.

“His 15 years of experience in the oil and gas sector on the investment banking side will be a valuable addition to Noble’s management team. We are disappointed in Stephen’s departure, but I respect his motivation. We appreciate Stephen’s contributions and wish him well.”

Regarding his departure, Butz stated: “Noble is a company with a rich history, high-quality assets, and an exceptional workforce. I have confidence in Robert’s ability to lead the company through this challenging market, and I wish him and the rest of the management team nothing but success going forward.”

Barker joins Noble following a career in investment banking, specializing in oil field services and equipment. Most recently, he was employed at Moelis & Company, with previous assignments at JPMorgan Chase & Co., Tudor, Pickering, Holt & Co., and Goldman Sachs & Company.

In related news, Noble Corporation has recently received a continued listing standard notice from the New York Stock Exchange (NYSE). At the time, the company stated its intention to regain compliance with the NYSE’s listing standards, and as required by the NYSE, the company intends to respond to the NYSE within ten business days with respect to its intent to cure the deficiency.