Norway's Siem Offshore has appointed finance director Vidar Jerstad to replace outgoing chief financial officer Dagfinn Lie.
Lie said in June he was leaving after 14 years with the Oslo-listed offshore vessel owner to pursue "new endeavours".
The CFO will stay on until 30 September to aid the transition, with Jerstad stepping into the CFO role on 1 August.
"The company would like to thank Mr Lie for his contribution and devotion to the company for the past 14 years, and we wish him good luck," the Kristian Siem-backed company said.
Jerstad has been finance director since 2017 and has good knowledge of the company, the shipowner added.
He has extensive experience from various positions in finance with lender Nordea.
"He will be an excellent contribution to our company as our new CFO," Siem said.
Refinancing efforts
Lie worked for years to shore up the owner's finances in weak spot markets.
A $1bn refinancing was completed in May that saw the stake of chairman Kristian Siem's Siem Industries reduced to 33.6% from 83% as debt was swapped for equity.
The four-year plan also involves a lowering of future scheduled interest and amortisation payments and an extension of secured debt to the end of 2024.
Siem Offshore has reduced its debt by $500m over the past five years, made possible by "good cooperation" with lenders, significant shareholder support, good ship operations and disposal of non-strategic and older assets, the company has said.
In June, the owner disposed of two more vessels to cut debt further.
The 26,670-bhp anchor-handling tug supply vessels Siem Garnet and Siem Diamond (both built 2010) went to an independent third party for further trading outside the offshore shipping industry.
