Jesper Kragh Andresen is stepping down as CEO of offshore accommodation firm Prosafe after more than 6 years in the position.
He will continue with his current role until his successor is in place.
Jesper Kragh Andresen said: 'It has been a privilege to be part of the Prosafe team through these years. My near-term focus is to ensure the optimal running of Prosafe and at the same time contribute to a smooth transition to provide the best possible starting point for my successor.'
Glen O. Rødland, Chairman, says: 'The Board wishes to thank Jesper for his contribution to Prosafe and the close collaboration for more than 6 years. He managed the company safely through the downturn in the energy industry and subsequently a financial restructuring of Prosafe. The company is now moving into a new phase and is well positioned for an expected upturn in the market from 2024 and onwards.'
"The Board has initiated a process to identify the next CEO of the Company," Prosafe said Thursday.
Oslo-listed Prosafe has engaged Russell Reynolds Associates in Oslo as an advisor in the recruitment process.
Prosafe offers semi-submersible accommodation vessels to offshore oil and gas companies.
The company's fleet utilization for Q1 2023 was 28.6 percent. This compares to 68.1 percent in Q1 2022 and 56.1 percent in Q4 2022.