Lundin Appoints New MD for Norwegian Operation

Sweden's Lundin Petroleum announced Friday that it has appointed Kristin Færøvik as the next managing director of its Norwegian subsidiary. Færøvik will replace current MD Torstein Sanness, who will retire from his executive position in April 2015 and assume the role of chairman of Lundin Norway.

Færøvik was previously managing director at Rosenberg WorleyParsons, the Norwegian arm of the multinational energy and resource engineering firm, where she was responsible for more than 600 employees. She has also served as managing director at Marathon Petroleum Company (Norway), where she was responsible for the development of the Alvheim field, as well as holding several positions within BP in Norway and internationally.

Lundin President and CEO Ashley Heppenstall commented in a company statement:

"Torstein has been the managing director of Lundin Norway since the start in 2004 and has been the guiding force behind the growth and success of Lundin Norway. He has been responsible for the creation of considerable shareholder value during this period. He has established an organisation with the highest level of competence at all levels: exploration, development and production.

"With discoveries such as Johan Sverdrup, Edvard Grieg and Alta, Lundin Norway has achieved huge success and, through Torstein's leadership, is now one of the most successful fully integrated operators on the Norwegian Continental Shelf. We are really pleased that Torstein will remain with us as chairman of Lundin Norway.

"We know Kristin very well from her days as managing director of Marathon Norway and as a former director of Lundin Petroleum. The strategy of Lundin Norway in respect of organic growth from a proactive exploration focus coupled with strong development and operational capacity will not change. Lundin Norway has an excellent team of people and a strong asset base. Under Kristin's leadership we will continue to grow our business in Norway for many years to come."



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