Lamprell chief to retire

Lamprell's yard in Sharjah, UAE
Lamprell's yard in Sharjah, UAE

A search is underway to find a new chief executive for rig designer and builder Lamprell after James Moffat announced his retirement.

His decision has led to a reshuffle on the board.

Moffat will stand down in June 2016 and will remain in place to enable a smooth transition to his successor.

A search to find his successor is under way and an announcement in this regard will be made in due course. Moffat will continue in his role until then to allow a smooth handover of his responsibilities. Moffat will remain as a consultant for 12 months following his retirement.

Non-executive chairman John Kennedy steps in to become executive chairman until the next annual meeting in 2016 as the company refreshes its strategy in light of the current market environment. Tony Wright has been promoted to chief financial officer.

Kennedy said: “We are sorry to see Jim Moffat retire and will always be grateful for his significant contribution. Under his management, the company has delivered impressive financial and operational performance, including record profits in 2014, and is in a much stronger position as a result.”