Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces that the Board of Directors (the "Board") has, following a comprehensive selection process, chosen Rod Starr to succeed Rolf Ronningen as Chief Executive Officer of Polarcus. Rolf Ronningen, who informed the Board of his planned retirement in 2014, will continue as Chief Executive Officer until Rod takes up his appointment, expected early Q1 2015.
Rod Starr joins Polarcus from TGS-NOPEC Geophysical Company. He has over 30 years industry experience, starting his career with Unocal where he spent 16 years in various planning and financial roles before moving into the oil services sector where he has held senior sales, business development, marketing and managerial positions. Prior to joining Polarcus, Rod served as Senior Vice President Africa, Middle East and Asia Pacific and most recently Senior Vice President Western Hemisphere at TGS.
Rolf Ronningen has been with Polarcus since its inception in 2008 during which time the Company has taken delivery of eight sophisticated 3D seismic vessels and established itself in the industry as a market pioneer having an ethos of exploration with environmental responsibility.
Peter Rigg, Chairman Polarcus, commented:
"I am delighted that we have been able to recruit someone of Rod Starr's considerable experience and stature to succeed Rolf. Rod is a highly accomplished executive, well qualified to drive the Company forward as we focus on strengthening backlog and positioning ourselves for profitable growth.
Following seven successful years in his role, Rolf Ronningen has decided in consultation with the Board to retire. Rolf has been a truly inspirational leader, building a strong leadership team and applying his considerable knowledge of the marine business to establish an industry recognized and well reputed marine seismic company. On behalf of the Board and employees of Polarcus I should like to thank Rolf for his outstanding contribution and extend our best wishes for his retirement."
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs over 600 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)