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Subsea 7 — Board/Management Information 2014
Dec 18, 2014
6244_iss_2014-12-18_07a52803-2d81-4537-86ab-c13a9382d8b3.html
Board/Management Information
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Subsea 7 S.A. announces an internal reorganisation and changes to its segmental reporting structure
Subsea 7 S.A. announces an internal reorganisation and changes to its segmental reporting structure
Luxembourg - 18 December 2014 - Subsea 7 S.A. (Oslo
Børs: SUBC) announces that, with effect from 1
January 2015, it will be changing the organisational
structure of its business to better align it to the
Group's strategic priorities. The changes are also
designed to further strengthen the Group's execution
capabilities and competitiveness.
The new organisational and segmental reporting
structure will comprise two Business Units, which
replace the existing four geographical Territories,
and a Corporate segment.
The Northern Hemisphere and Life of Field Business
Unit will comprise:
- UK and Canada Region
- Norway Region
- Gulf of Mexico Region
- Life of Field Business
- i-Tech Division
The Life of Field Business and i-Tech Division will
be managed globally.
The Southern Hemisphere and Global Projects Business
Unit will comprise:
- Africa Region
- Asia Pacific and Middle East Region
- Brazil Region
- Global Projects
The Corporate segment will continue to be reported
separately and remains unchanged.
The Northern Hemisphere and Life of Field Business
Unit and the Southern Hemisphere and Global Projects
Business Unit will be led respectively by Executive
Vice Presidents Steve Wisely and Øyvind Mikaelsen
who will both report to John Evans, Chief Operating
Officer. In recognition of his new
responsibilities, Øyvind Mikaelsen will join the
Executive Management Team of the Group, effective 1
January 2015.
Jean Cahuzac, Chief Executive Officer, said:
'The new organisational structure will more closely
align the organisation to our strategic priorities.
The newly-formed Global Projects Centres for
managing the Group's largest and most complex
projects will increase flexibility and foster
consistency of project execution. Managing the Life
of Field Business on a global basis will allow us to
expand this business both in terms of its service
offering and geographical presence. These
organisational changes will also reduce costs,
improve our flexibility to manage resources and
enhance our ability to adapt to the near term
reduction in activity we foresee in certain
geographical areas. I am pleased to welcome Øyvind
Mikaelsen, in his new role, to the Group's Executive
Management Team.'
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Subsea 7 S.A. is a leading global contractor in
seabed-to-surface engineering, construction and
services to the offshore energy industry. We provide
technical solutions to enable the delivery of
complex projects in all water depths and challenging
environments.
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Contact for investment community enquiries:
Isabel Green
Investor Relations Director
Tel +44 (0) 20 8210 5568
www.subsea7.com