SBM Offshore has announced that its chief executive for 12 years, Bruno Chabas, has decided not to seek a 4th mandate at the end of his current term on 12th April 2024.
The outgoing boss will remain with the business as an advisor “to facilitate a smooth transition during the course of 2024,” SBM writes
Mr Chabas said, “It has been a huge privilege to serve the Company as CEO for the last 12 years, where I had the honour to lead a team of dedicated people who supported me in transforming and turning this organization around.
“Today, the Group has a well-established vision, purpose, and structure with a leading market position and strong growth prospects in the industry.
“I am especially proud that SBM Offshore has a leadership team which makes an internal succession possible; I am extremely pleased to hand over my responsibilities to Øivind, who, I am sure, will successfully guide the Company to achieve its ambitious energy transition targets.”
The firm’s Supervisory Board has decided to appoint Øivind Tangen, currently chief operating officer and member of the Management Board to take over Mr Chabas’ current duties as chief executive and chair of the management board following his departure and SBM’s annual general meeting.
The Management Board will continue after 12th April 2024 as a two-person board consisting of the CEO, Øivind Tangen, and Chief Financial Officer, Douglas Wood.
Øivind Tangen joined SBM Offshore 21 years ago. He has been COO and a member of the Management Board since 2022. Before that, as a member of the Executive Committee, he was responsible for the SBM Offshore FPSO fleet.
Mr Tangen commented on the news: “It is a great honour to have been selected as the successor to Bruno in the role of CEO and chair of the Management Board of SBM Offshore.
“Bruno is handing over a company that is in a very strong position, and it is with great enthusiasm I commit to working with the whole SBM team to continue to successfully deliver the Company’s strategy for the years to come.”
In August SBM Offshore reported a slump in profits for the first half of the year, missing estimates and falling below 2022 levels.
However, it was able to boast a “record-level” $32.2 billion order book backlog while revenue increased by 2% to $2.45bn.
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