Offshore engineering firm Subsea 7 has launched its drive to enter the US waters’ energy market by restructuring its board of directors.
The company had to accept director resignations to meet the requirements applicable to non-US companies operating vessels in American waters.
The requirements set out that a company’s board – which has ultimate control over such vessels – cannot be controlled by a majority of US citizens.
As a result, two out of three American directors on Subsea 7 board – Robert Long and Allen Stevens – have stepped down from their roles with immediate effect.
Long and Stevens both joined the Subsea 7 board in January 2011.
Stevens will remain a member of the company’s corporate governance and nominations committee and Long will continue as a member of the company’s audit committee, Subsea 7 said in a statement.
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