Following the completion of the CorrOcean/Roxar transaction, Oystein L. Narvhus (COO) has expressed his wish to step down from the Roxar management team.
In agreement with the Roxar management team, he will leave the company 31st December 2007. Oystein L. Narvhus was CEO of CorrOcean ASA from 2003 until the transaction with Roxar was completed.
Mr. Narvhus is according to agreements previously published, entitled to a severance package equivalent to 18 months salary, approximately NOK 2.7 million. He holds no stock options in the company.
Gunnar Hviding was appointed CEO of Roxar ASA by the Board of Directors effective from August 16th 2007.
In July 2007, Roxar AS was acquired by CorrOcean ASA. Based on 2006 revenues, the combined companies had a turnover of NOK 1.1 billion. CorrOcean ASA changed its name to Roxar ASA effective 21st November 2007 with the new ticker, ROX.
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