Rocksource CFO to Step Down

Rocksource ASA announced its decision to relocate all of its operations to Bergen, the location of its head office, through a Stock Exchange announcement (SEA). One of the consequences of this relocation is that the Company’s Chief Financial Officer (CFO), Tommy Sundt, will vacate his position. However Mr. Sundt will remain with Rocksource until Sept. 1 to ensure a smooth and efficient transfer of the Company’s financial department to Bergen.

Rocksource’s Chief Executive Officer Chris Spencer commented; “I would like to take this opportunity to thank Tommy for his major contribution to the Company over ten years. I have greatly valued his professionalism, expertise, determination and unbounding enthusiasm since I took over as CEO almost two years ago. I am grateful that he has agreed to assist us in the important transition period on which the Company will now embark. On behalf of all of us at Rocksource, I wish him well in his future endeavors.”

Chairman of the Board Ole Wiborg added; "The Board shares Chris' sentiments. It also appreciates Tommy's role in developing the Company and respects his professionalism in assuring the success of the transition process."

Tommy Sundt commented; “I have been with Rocksource since the establishment of the Company in 2004, and have had many exciting years working together with highly skilled and hard-working colleagues. Following the decision to focus all operations at Bergen, I have now chosen to pursue new opportunities outside Rocksource. I wish my colleagues and the Company all the best for the future. In particular I want to give my thanks to the colleagues in the financial department for their significant contribution over all these years.”

As stated in the separate SEA regarding the relocation of all operations to Bergen, the Company has made this decision as part of an overall strategic review. It believes this move will enhance the business through even closer integration and improved efficiency. It will also result in reduced G&A costs once the transition is completed.

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