OMV’s new CFO takes over in July

Austrian oil firm OMV has informed that its new Chief Financial Officer, Reinhard Florey, will take up his post as of July 1, 2016.

According to OMV, Florey has managed to reduce his contract period with his current employer Outokumpu by a month.

His appointment by the OMV Supervisory Board already took place in January 2016 for a three-year period with an extension option for OMV for additional two years.

Florey is currently CFO of the Finnish company Outokumpu, a global market and technology leader in the production of stainless steel.

The current CFO and Deputy Chairman of the Executive Board David C. Davies will leave the OMV Executive Board from July 31, 2016, following a one-month handover period.

OMV this week posted net income for the first quarter of 136 million euros, down from 221 million euros achieved a year ago.

The company’s CEO Rainer Seele, said the first quarter was all about cash and cost management: “The year 2016 started with a further sharp decrease in oil prices, with average Brent price dropping 37% to USD 34/bbl in Q1/16 vs. Q1/15, and exceptionally low gas prices. In this environment, as outlined in our strategy, we are focusing primarily on cash and costs. Group CAPEX was 34% lower, exploration expenditures were down by 24% and Upstream OPEX in USD/boe decreased by 13% compared to Q1/15.”

Offshore Energy Today Staff