Noreco names new chief financial officer

  • Business & Finance

Norwegian Energy Company (Noreco) has appointed a new chief financial officer (CFO) of the company. 

For illustration: Tyra field; Source: Noreco

Noreco said in an Oslo Børs filing on Tuesday that Euan Shirlaw was named as the company’s new CFO.

Shirlaw will replace Olav Haugland, who decided to leave the company. Shirlaw will assume his new role on or around October 1 this year.

Before joining Noreco, he was most recently a senior member of the Oil & Gas Investment Banking team at BMO Capital Markets, having previously also focused on the energy space while working with Credit Suisse, RBC Capital Markets, and Rothschild in London.

During this period, Shirlaw spent over 12 years advising a wide range of oil and gas clients on their acquisition, divestment, and merger transactions as well as debt and equity capital raising activities.

Riulf Rustad, chair of the board of Noreco, said: “We are pleased to welcome Euan to our team. He knows the industry and our company very well and we have also come to appreciate him in his previous positions as a valuable adviser and contributor to Noreco. Together with the rest of the management and employees of the company, he will have a key role in the development of Noreco.”

After completing an acquisition of Shell’s Danish North Sea assets last week for $1.9 billion, Noreco is now the second-largest exploration and production company in Denmark measured by production, after Total.

Via the Shell transaction, Noreco acquired interests in assets comprising 15 fields and related infrastructure, developed under the Danish Underground Consortium operated by France’s Total since the acquisition of Maersk Oil in March 2018.

The DUC production started in 1972 and peak production was reached in 2005 at ~500 mboepd. Production is expected to increase over the next decade following finalization of the Tyra redevelopment in 2022.

As part of the transaction, Noreco also increased its interest in the Lulita field from 10% to 28.4%.

The company said it is pursuing a strategy which will result in further growth of its North Sea operations and recruitment of additional staff to its Copenhagen office, London office and at the Oslo headquarters.

Offshore Energy Today Staff

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