Vienco Appoints Chairman

Vienco has announced the appointment of Clive Fowler as its chairman.

Mr. Fowler, who was appointed as a non-executive director of the company at the beginning of this year, has a 32-year career within the oil and gas industry. He is currently the non-executive chairman of LOGIC, the industry-funded organization working with companies to stimulate collaboration and competitiveness to improve UK oil and gas sector performance.

A geologist by training and an explorer by discipline, Mr. Fowler's career has also included senior management roles with Amoco and BP, latterly as managing director of Amoco in the UK, and West of Shetland asset manager for BP Amoco following the merger of the two companies.

Vienco chief executive Richard Selwa said: "It was extremely important to us that we should attract the right person as our chairman, and Clive fits the bill perfectly.

"He is highly respected and is an exceptional talent within the industry, his track record speaks for itself and he has already shown us the qualities required to take Vienco forward."

Mr. Fowler said: "Vienco is an exciting new company with a refreshing and innovative business model, exploiting undeveloped discoveries through the use of existing floating production systems.

"I was privileged to be invited to join such a forward-thinking company as Vienco as a non-executive director, and am honored to have been selected as its chairman.

"Having worked in the industry for so long, it is extremely gratifying to be appointed chairman of such a young, proactive company which is set to have a major say in the future development of the industry in the North Sea."

Vienco is a privately owned independent oil and gas company, established to take advantage of investment opportunities, initially in the North Sea by exploiting undeveloped discoveries with the deployment of existing floating production systems (FPS). The Vienco business model involves equity involvement in late-in-life assets, redeployment of floating production facilities and development of discoveries that until now have been uneconomic. Vienco's head office is located in Aberdeen with representatives in London and Oslo.

Since its establishment in 2003, the company has been building a reputation in its chosen area of focus: maximizing value from floating production systems.