The co-founder of Aberdeen oil service company Caledus said yesterday he was standing down as chief executive.
Paul Howlett would not say why he had decided to leave the post, but he is understood to be planning to create a new oil service venture.
He told the Press and Journal: “I plan to leave full-time employment with Caledus from August 1, but will continue to work as a consultant as it continues to grow both domestically and internationally.”
Caledus was set up in 2003 and the biggest shareholder is US private-equity firm Lime Rock Partners.
Lawrence Ross, managing director of Lime Rock’s Aberdeen team could, could not be contacted for comment on its plans for Caledus going forward.
Other Lime Rock investments in the Aberdeen oil industry include ITS Group, EnerMech and TWMA.
Mr Howlett was previously managing director in the eastern hemisphere for another oil service company, SPS, at Westhill, near Aberdeen.
At the start of last year, Caledus announced plans to add more than 200 posts to its worldwide workforce by 2012.
The well-construction technology business was also targeting annual turnover to hit £50million by that date.
Caledus said turnover in 2008 was £8million and the global workforce was 43.
The firm anticipated it would achieve projected expansion through organic growth, strategic acquisitions and alliances.
Mr Howlett said at that time: “We can look to the future with extreme confidence.
“We are an innovative solutions provider, looking to challenge convention, and we have managed to build an excellent team with an enviable breadth and depth of experience in all the necessary core competencies in the oil and gas service sector.”
Mr Howlett said Caledus had positioned itself to grow because it offered products and services that reduced well-construction costs and enhance performance.
The company said its confident vision followed on from the commercialisation of its TD Solutions portfolio.
Caledus was also aiming to further commercialise its SlimWELL technology, which it said had the potential to reduce well-construction costs by up to 50%, enhance safety and reduce environmental impact.