MMA Offshore has named a new chief executive in a move it said was designed to “drive growth in the organization”.
Current deputy CEO David Ross has been promoted to CEO effective 1 July 2019. He will take over from present incumbent Jeffrey Weber.
Ross will be based in MMA Offshore’s Singapore office to “drive international growth at a critical time in the cycle”.
Weber, who is also the current managing director, will retain that role based in Australia and at an appropriate time in the future will “transition this role across to Ross as part of an orderly succession”, MMA offshore said.
Changes to the Australian-listed OSV company’s senior executive team come after what was described as a “board and executive management strategy session”.
In November 2017, MMA successfully raised equity and negotiated amendments to the terms of our debt facilities including an extension to September 2021.
“A significant focus of our current strategy is on capital management and our balance sheet and the leadership changes are intended to equally support this part of our strategy,” said MMA chairman Andrew Edwards.
MMA Offshore said it will also begin a selection process for a further independent director to support its development, particularly in the emerging services sectors of its business.
“After a prolonged downturn, we are now seeing positive signs of a recovery with a number of significant oil and gas projects under active consideration in Australia and in our international markets, in South East Asia, the Middle East and Africa,” said Edwards.
“There is clear evidence the market is improving with an increasing number of newly sanctioned projects, and increased drilling and exploration activity which will translate to increased demand for MMA’s vessels and services.
“We remain one of the best positioned offshore support vessel companies to take advantage of an improvement in market conditions and the leadership changes will further enhance that position.”
