North Sea oil firm Fairfield Energy said yesterday it had appointed BP’s head of Russian operations as its new chief executive.
David Peattie will take over the running of the UK independent from Chris Wright, who retires on March 1.
Mr Wright became chief executive in January 2011 following the firm’s failed share-offering move the previous year.
Mr Peattie has worked for BP for 34 years, starting as petroleum engineer in the North Sea, before holding a wide range of technical and executive positions in the company.
In 2005, he returned to exploration and production within the firm, before his appointment as head of BP Russia, where he played an important role in the sale of its stake in TNK-BP.
Fairfield chairman Ron Emerson said: “David joins at an extremely exciting time for Fairfield. With a group of supportive shareholders, we are well capitalised and we continue to make extremely good headway in the development of our . . . portfolio.
“I would like to give a considerable vote of thanks to Chris Wright. He has been critical in positioning Fairfield over the past two-three years . . . and he hands the reins over with the company in its strongest position since its founding seven years ago.”
Fairfield said last October it was looking to recruit up to 20 people in the next 12 months after moving into a new base for its North Sea operations.
It signed a 10-year lease worth several million pounds on a 25,000 square-foot building at Arnhall Business Park, Westhill. More than 180 employees and contractors relocated to the Aberdeenshire site.
Last July, Fairfield announced more private-equity investment in the business to allow it to pursue growth opportunities.
Riverstone Holdings invested £97million and gained a stake of about 30%; the same as lead investor Warburg Pincus. The remaining stakes are held by five other private-equity investors. Fairfield has built a portfolio of assets, with interests in 24 blocks on the UK continental shelf.