Shareholders at the DNO International Annual General Meeting held in Oslo elected Bijan Mossavar-Rahmani as the company's new Chairman. Mr. Mossavar-Rahmani is Chairman of the Board and CEO of RAK Petroleum Public Company Limited, the Middle East based independent oil and gas exploration and production company, which is DNO International's largest shareholder with a 30 percent stake. Mr. Mossavar-Rahmani was elected to the board at an Extraordinary General Meeting held on March 10, 2011.
Three other current directors, Gunnar Hirsti, Marit Instanes and Shelley Watson, were also re-elected as directors and Karen Sund, Founder and Chairman of Sund Energy AS, an Oslo-based energy consulting firm, was elected as the only new independent director. Mr. Hirsti is the Company's new Deputy Chairman.
"DNO International has a solid foundation in assets and importantly, in people," said Mr. Mossavar-Rahmani. "We believed this as we acquired our large position in the company and we believe it today as we take a more active role, in collaboration with shareholders, directors and management, to stabilise DNO International and then drive it to realize its full potential," he said.
"The operations group is first rate and the speed with which discoveries have been brought on production is truly impressive," said Mr. Mossavar-Rahmani. But he emphasized the need to bring best practices to the company in terms of governance, transparency, accountability, cost control and regulatory compliance while improving its relationships with host governments.
Mr. Mossavar-Rahmani acknowledged the service of the outgoing director.
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