SBM Offshore

SBM Offshore creates new executive role to play top-tier part in energy transition

Dutch FPSO operator SBM Offshore has created a new management role for a Chief Transition Officer (CTO) to fulfil its goals of becoming one of the main players in the energy transition. The company also announced board composition changes with one member opting to step down while another one has been nominated to the board.

SBM Offshore's Liza Destiny FPSO (for illustration); Copyright SBM Offshore
Chief Transition Officer SBM Offshore
Philippe Barril, Chief Transition Officer; Courtesy of SBM Offshore

SBM Offshore announced on Thursday that Philippe Barril – currently Chief Operating Officer (COO) – would be appointed as Chief Transition Officer (CTO). The creation of a CTO role on the management board confirms the firm’s ambition to play a leading role in the energy transition.

According to the FPSO operator, Human Resources, Legal & Compliance, Health, Safety, Security and Environment (HSSE) along with some other corporate functions will report directly to the CTO.

Board changes

In addition, the firm proposed the appointment of Øivind Tangen as the new COO and a member of its management board. Tangen is a Norwegian who was born in 1973 and has accumulated a wealth of experience in engineering and operational roles, as well as in strategy and project execution over 19 years, which he spent working for SBM Offshore.

Bruno Chabas, SBM Offshore CEO, remarked: “It is with great pleasure that we welcome Øivind to the management board. His nomination marks the quality of our pool of talent. Øivind has demonstrated his leadership over many years at SBM Offshore.”

SBM Offshore
Øivind Tangen, new COO; Source: SBM Offshore

Tangen, who holds an MSc in Naval Architecture from the Norwegian University of Science and Technology and ENSTA, Paris, as well as a Master of Management and Economics of Energy and the Environment from ENI Corporate University, is currently a Managing Director of the company, responsible for SBM Offshore’s Lease and Operate segment, which includes the company’s FPSO fleet.

The proposed appointment to the management board will be submitted for approval at the General Meeting (AGM) to be held on 6 April 2022. SMB Offshore said that the proposed appointment of Tangen to the management board was expected to enable additional focus on the delivery of the company’s strategy through the energy transition.

Erik Lagendijk; SBM Offshore
Erik Lagendijk, Chief Governance & Compliance Officer; Source: SBM Offshore

Furthermore, Erik Lagendijk – who was born in 1960 and serves as the Chief Governance & Compliance Officer at SBM Offshore – has decided to step down from the management board after the AGM, explaining his decision by stating: “It is extremely satisfying to see that the company has overcome its past issues and is now well-positioned for the future. After 7 years on the management board, I welcome the change and the opportunity to hand over to the next generation.”

Douglas Wood; SBM Offshore
Douglas Wood, Chief Financial Officer (CFO); Courtesy of SBM Offshore

Moreover, Douglas Wood will continue as Chief Financial Officer (CFO) while assuming responsibility for Communications in addition to Investor Relations within the new set-up of the management board.

“By adding Øivind to the management board and with Philippe and Douglas taking a broader role as well, SBM Offshore is well-positioned to deliver results in both our traditional business and strengthen our position in New Energies,” concluded Chabas.

In recent SBM Offshore-related news, it was reported in December that the company had secured a $620 million bridge loan for the construction of the fourth FPSO vessel, which would be deployed at the Petrobras-operated Mero field offshore Brazil.

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The production of the first definitive Mero system (FPSO Guanabara) is scheduled to start in 2022, followed by Mero 2 (FPSO Sepetiba), in 2023, Mero 3 (FPSO Marechal Duque de Caxias), in 2024 and Mero 4 (FPSO Alexandre de Gusmão), in 2025.