Northern Offshore's president and CEO, Marion Woolie, has resigned from the company effective immediately.
Mr. Woolie joined the company in October 2007 and has led the development of a strong operating organization during his tenure.
The Board of Directors of the company thanks Mr. Woolie for his dedicated service and wishes him well. Jim LaChance, currently Chairman of the Board for Northern Offshore, will serve as interim president and CEO until a permanent replacement is appointed.
The company expects to take a charge to expense of approximately $1.9 million in the fourth quarter of 2009 related to Mr. Woolie's employment agreement. Stock options to purchase 750,000 common shares of the company that were granted to Mr. Woolie in October 2007 will all become vested and exercisable for a period of 90 days, and 400,000 restricted shares of the company granted in January 2009 will all become vested and converted to shares of common stock.
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