Oslo: Norwegian offshore exploration firm North Energy has announced today that Erik Karlstrøm, the company’s ceo, has been relieved of his duties with immediate effect.
In a statement on Oslo Bors, the company said that Karlstrøm “no longer has the trust of the Board” and that cfo Knut Sæberg, who has been the acting CEO while Karlstrøm was recently on sick leave, will continue as acting ceo until a replacement is found. Karlstrøm had been ceo of the company since 2007.
North Energy focuses on oil exploration on the Norwegian Continental Shelf, particularly the Barents and the Norwegian Sea. Earlier in the year, the company announced its intention to reduce its cost base as a response to challenging conditions, with an aim to reduce the company’s annual operating costs down to NOK 100m ($13.3m).