Malaysian offshore production and support services provider Bumi Armada has announced that its CEO Leon Harland will be concluding his contract with the company on May 15 and leaving the company.
The company has appointed board member Gary Neal Christenson to take over from Harland. Christenson has over 35 years of technical and managerial experience in the oil and gas industry, including management positions at Tenneco, British Gas, Unocal, and Santos in South East Asia and Africa.
Bumi Armada posted net losses of RM2.3bn ($565m) for the financial year of 2018, comparing with a net profit of RM352.2m in the previous year.
“The group faced a financially challenging year in 2018, which was largely marked by the difficulties encountered on the Kraken FPSO and the ongoing low utilisation of our OSV fleet,” Leon Harland said.
“In parallel, we have streamlined the organisation, resulting in a significant reduction in staff numbers, and have been continuing our efforts to sell our under-utilised assets. We continue to review our OSV fleet requirements and have several vessels under discussion for disposal. Going forward, the aim is to complete the refinancing of the group corporate debt in the near future, monetise assets and enhance the performance from Armada Kraken,” Harland added.