Noreco remains independent, CEO steps down

Norwegian Energy Co. ASA (Noreco) is a company at a crossroads. Following an evaluation of strategic alternatives that began last October, Noreco will remain an independent company, but with a shuffled management team stemming from Scott Kerr's decision to step down as the company's chief executive officer (CEO).

The company, currently producing around 10,000 barrels of oil equivalents per day from eight fields in Denmark and Norway, recently concluded a sale of all or parts of the company would not represent the most value creating alternative for the company and its shareholders. The company expects to add production from ongoing fields next year.

In a released statement, the company said it will continue to pursue “monetization of individual assets or asset packages with interested parties as part of its ordinary course of business.”

Management changes
"The years in Noreco have been very exciting, and at times also challenging. We have now completed an extensive strategic review and concluded that Noreco will continue as an independent E&P company. At this crossroads I have decided to step down," said Kerr.

"Scott Kerr has been heading Noreco since the start in 2005, and he has been instrumental in developing the company into a respected industry player with a strong portfolio and a highly competent staff. We wish Scott the very best as he moves forward to other challenging ventures," said Noreco's chairman Lars Takla.

Einar Gjelsvik has been named acting CEO. Gjelsvik has been with Noreco since 2006, most recently as chief operating officer (COO). He has also been the company's vice president for strategy and investor relations. Before he joined Noreco, Gjelsvik held various positions in BP.

Rebekka Glasser Herlofsen has been appointed chief financial officer (CFO). Herlofsen has been a member of Noreco's board since 2009, but will step down from the board in connection with this appointment. She is replacing Erik Borg who has served as acting CFO since February. Borg will continue as finance manager in the company.

Kjetil Bakken has been appointed vice president Strategy & Investor Relations. Bakken previously served as Investor Relations Manager for the company, and his previous experience includes equity research in Fondsfinans and investor relations in Norsk Hydro. He replaces Rune Martinsen, who has accepted a position as operations manager for Centrica in Norway.

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