August 10, 2017 / 8:08 AM / a year ago

UPDATE 1-Premier Oil names Roy Franklin as chairman

(Adds details, background)

Aug 10 (Reuters) - Premier Oil Plc has hired oil and gas industry veteran Roy Franklin as its chairman to succeed Mike Welton, who said in March that he would step down on appointment of a successor.

Franklin, who is currently the interim chairman of Norway’s Statoil, will assume the role of Premier Oil’s non-executive chairman from Sept. 1, the company said.

During his 40 years in the industry, Franklin has worked with many companies, including oil major BP where he stayed for 18 years. He is also lined up to become deputy chairman of the combined group when oilfield services Wood Group completes its acquisition of rival Amec Foster Wheeler .

Premier Oil, which had been struggling with high levels of debt before agreeing to a restructuring deal in February, made a loss before tax in 2016 but its share price rose 52 percent as the crude oil prices recovered.

The North-Sea focused oil producer also named Dave Blackwood and Mike Wheeler as non-executive directors with immediate effect.

Welton is leaving Premier Oil after eight years at the helm. (Reporting by Rahul B in Bengaluru; Editing by Gopakumar Warrier)

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