Norwegian Energy Company Replaces CEO With CFO

Reuters

OSLO, Nov 24 (Reuters) - Norwegian Energy Company elevated Chief Financial Officer Tommy Sundt to CEO on Monday to replace Svein Arild Killingland as the firm tries to resolve production and financial difficulties.

The firm earlier said that it would take impairment charges on its stakes in the Oselvar and Huntington fields it will be unlikely to comply with its cash covenants towards the end of 2014 and through 2015.

It added that it will need to obtain a deferral of bond installments interest due on December 9.

Odd Arne Slettebø has been appointed as CFO.

(Reporting by Balazs Koranyi)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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