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Fugro says former Vattenfall head Oystein Loseth to replace retiring CEO
October 16, 2017 / 5:46 AM / a month ago

Fugro says former Vattenfall head Oystein Loseth to replace retiring CEO

AMSTERDAM, Oct 16 (Reuters) - Surveying and marine floor services company Fugro NV on Monday said the former head of Swedish energy company Vattenfall, Oystein Loseth, would replace Paul van Riel who is retiring on April 26, 2018.

Loseth was CEO of Dutch firm Nuon when Vattenfall bought it for 8.5 billion euros ($11.7 billion) in 2009 just as power markets softened in the wake of the global financial crisis.

He took the top job at Vattenfall in 2010 and oversaw a difficult period for the company as it struggled with debt from the Nuon buy and falling German energy prices and writedowns on its assets. He stepped down in March 2015, citing personal reasons.

Van Riel said Fugro, which is hit by a downturn in offshore oil drilling market, is ready for the new leadership.

“In the past years, we have dealt with a long and deep downturn in our key oil-and-gas market,” he said in a statement.

“The transformation is well on its way and our key market is beginning to stabilise, and my retirement coincides with the right time for a handover.”

Loseth said in a statement he was ready for the job after several years in a non-executive role on the board of Norway’s Statoil AS.

Loseth, whose appointment must be approved by Fugro shareholders, will begin shadowing Van Riel in the first months of 2017 before taking over as the CEO, Fugro said in a statement. (Reporting by Toby Sterling; Editing by Vyas Mohan)

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