Aibel Seeks Permanent CEO to Replace Sunde

The Board of the Aibel Group is not satisfied with the Company’s performance relating to improvement of compliance and operational controls, and has asked the CEO, Rasmus Sunde, to resign.

Aibel was not successful in implementing its Compliance Code and Directives, a core responsibility for the CEO. At Aibel, the Compliance Code and Directives govern the business conduct for all its business areas, including due diligence of 3rd parties, compliance with legal requirements in all its contracts, as well as making sure the employees understand the Company’s ethical and moral responsibility.

Aibel has not efficiently implemented the requirements set by the Board relating to internal and operational controls. The Board is of the view that the Company will be better placed to take advantage of its strong market position and skill base with an improved governance team.

The Board has initiated a search for a permanent CEO. Gary M. Wilson has been appointed Interim CEO with immediate effect. Wilson worked in Schlumberger oilfield services positions for 20 years and was most recently Senior Vice President and General Counsel at Hanover Compressor Company, a position held since 2004.

In addition, Clive Mather has been appointed as the new Executive Chairman of the Aibel Group. Mather has significant industry experience, having worked for over 35 years at Royal Dutch Shell and held a number of executive roles, including Chairman of Shell UK Limited and latterly President and CEO of Shell Canada Limited.