OGX Appoints New CFO & IRO (Brazil)

Brazil’s oil company OGX Petróleo e Gás Participações S.A. has announced that its Board of Directors has approved the appointment of Paulo Narcélio Simões Amaral , for the position of Chief Financial Officer and Investor Relations Officer of OGX.

Paulo Amaral used to work as Chief Financial Officer and Investor Relations Officer at Brasil Telecom S.A. The company’s previous CFO and IRO, Roberto Bernardes Monteiro, left OGX last week.

The debt-stricken oil company, owned by Eike Batista, last month reported a massive quarterly net loss of R$4.7 billion (around USD 2 billion).

The results were impacted by expenses of R$3.6 billion (around USD 1.54 billion) related to the impairment of the investments carried out in Tubarão Azul, Tubarão Tigre, Tubarão Gato and Tubarão Areia fields as it was concluded that their development would not be economically viable. The company then, consequently, called off the construction of FPSO OSX-4 and FPSO OSX-5, as well as WHP-1, WHP-3 and WHP-4 by OSX,  resulting in a cash disbursement of approximately US$449 million in compensation to OSX.

The company is having difficulties fulfilling financial obligations towards its contractors. Diamond Offshore, a Houston based drilling contractor, last week announced OGX owed it $36 million.

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Offshore Energy Today Staff, September 23, 2013