Spectrum Creates New CFO, COO Positions, Strengthens Management

As part of the company's ongoing strategic growth plan Spectrum has announced considerable strengthening of the Executive Management Team with the appointment of a new Chief Financial Officer (CFO) and the creation of a Chief Operating Officer (COO) position.

Henning Olset has been appointed as the new CFO of Spectrum ASA with effect from May 1, 2011. Based in Oslo, Henning possesses more than 10 years of executive financial management experience. In his previous assignment Henning joined Staples in 2006 with the acquisition of Andvord Tybring-Gjedde ASA, where he was CFO. He was instrumental in the process of restructuring the company and in his period as head of finance, the Nordic business became one of the most profitable parts of the Staples organization.

Jan Schoolmeesters has been appointed COO of Spectrum. Jan possesses substantial experience in the seismic industry with both a technical, operational and commercial background. His latest position was with PGS as President of Asia Pacific. Jan will be based in Oslo and will start in his new position as soon as possible.

The current CFO, Rhys Edwards will from the same date take the position as Group Commercial Director. Rhys will be based in Woking, UK. In this new role Rhys will be responsible for ensuring a consistent and commercial strategy for the group, supporting the Divisional EVP's on commercial matters and undertaking additional strategic projects.

"We are pleased to welcome two well-regarded individuals to Spectrum's executive management team. They bring a wealth of relevant experience and a deep understanding of the inherent challenges to a rapidly growing organisation," said Rune Eng, Spectrum's Chief Executive Officer. "I would also like to use this opportunity to express both my and the Board of Directors' appreciation to Rhys for his service as our Chief Financial Officer over the last 3 years."

Besides these significant additions to the executive line-up, Spectrum has also expanded its UK Multi-Client team with the recruitment of two well-known names in the seismic industry. Jim Martin and Alan Tidey have both joined the company from senior positions at CGGVeritas. They take on the roles of Vice President of Business Development and Sales Manager respectively. Jim and Alan bring with them over 50 years of relevant industry experience.