Saga Names Grinod as New CEO

SAGA Oil ASA's board has named Mads Grinrod as the Company's new CEO. Current CEO Malvin Hoydal will now work in a newly established position as VP of SAGA Corporate affairs, Russia, with focus on further developing SAGA Oil's Russian operations and bringing the wells on stream.

The new CEO, Mads Grinrod (62), comes from the senior advisory group of Well Invest AS and has recently held the position as acting executive vice president in Statoil, with responsibility for the corporate staff function for health, safety and the environment (HSE) respectively. He has 36 years experience from the oil and gas industry, mainly from StatoilHydro, where he acted as vice president for drilling and well technology, operations vice president for Sleipner, strategy vice president for EP and vice president for Bergen operations.

"I am pleased to get this opportunity to work for a company with such a potential. The job will call for all my past experience in the oil and gas field, with a goal to build a dynamic E&P company in Russia. I am looking forward to starting this exiting and challenging work," said Grinod.

Malvin Hoydal's added, "I have for some time been looking forward to focusing my attention fully on the Russian operation. With Mads in the position as CEO, I feel confident that the company will gain momentum and we will reach the goals set forth in our business plans."