Noreco has appointed two new members to its senior staff team including a new chief executive following the departure of Svein Arild Killingland.
The independent Norwegian oil and gas company said Tommy Sundt, who had previously been its chief financial officer, will now take the head role.
A company spokesperson said: “The board has high expectations of working together with Sundt on finding solutions to the challenging position in which the company finds itself and to realise the opportunities inherent in its business.
“Sundt has a strong financial and commercial mindset, and broad experience with and knowledge of such aspects as corporate finance, restructuring and business development.
“The board regards his experience as an important asset in light of the challenges the company is facing.”
Odd Arne Slettebo has been appointed to replace Tommy Sundt as its chief financial officer.
Mr Slettebo joined Noreco in 2012 and was previously the company’s group finance manager.
His predecessor, Mr Sundt, said: “I am very pleased to announce that Odd Arne Slettebø will be my successor as CFO.
“He is highly skilled and knows the company very well, which will secure continuity in the team.”
The changes come after Noreco requested a deferral on its bond installments and bond interests in December.