Photo: Premier Oil (illustration only)

Premier-Chrysaor tie-up gets new CFO

Premier Oil has announced the proposed appointment of Alexander Krane as Chief Financial Officer of a new entity, which will be formed following the completion of a merger with Chrysaor.

The merger between Premier Oil and Chrysaor, by way of a reverse takeover, was announced in October 2020 and the new entity will be named Harbour Energy.

The board of Harbour Energy will comprise 11 directors. Linda Cook will be CEO of Harbour Energy and Phil Kirk will be President and CEO Europe from completion.

In an update on Monday, Premier said that Alexander Krane will be appointed with effect from the later of completion of the merger with Chrysaor and 15 April 2021.

He will replace Richard Rose who will resign from his role as Interim Chief Executive Officer and Finance Director with effect from the same date.

Alexander Krane has over 20 years of experience from holding various accounting, controlling and executive roles in the energy industry. He started his career at KPMG, working in both Norway and the US from 1999 to 2006.

After working as Group Controller for Norse Energy Corp., a junior E&P company with operations in Brazil and onshore US, Krane joined Aker ASA as Corporate Controller in 2010.

In 2012, he joined Det norske oljeselskap as Chief Financial Officer, responsible for all financial functions as well as strategy, business development and M&A.

After the merger with BP Norway in 2016, Krane remained Chief Financial Officer of the merged entity, Aker BP.

In 2019, he left Aker BP to become Investment Director at Aker ASA, responsible for Aker ASA’s oil and gas investments.

A new service agreement will be put in place between Krane and Premier following completion of the merger.

It is intended that the terms will be appropriate for an executive director of a group of the size, complexity and nature of the company following completion, which will take into account appropriate and recognised benchmarking and existing remuneration arrangements.

Also on Monday, the convening hearing was held earlier in connection with the restructuring plans required to implement the proposed all-share merger between Premier and Chrysaor and the reorganisation of Premier’s existing debt and cross-currency swaps.

At the hearing, the court granted Premier’s request to start the restructuring plans process and the group will now convene the creditor meetings to be held on 22 February 2021, with the restructuring plans sanction hearing expected to take place on 19 March 2021.

As previously reported, the requisite level of Premier’s creditors have irrevocably undertaken to vote in favour of the restructuring plans at the creditor meetings.