Ferguson Modular Appoints New CEO

Leading figure in the international energy industry, Tim Sheehan, has joined the Ferguson Group as CEO of its Ferguson Modular Ltd division.

Managing director Steven Ferguson welcomed the appointment, saying it was highly significant for the future growth ambitions of the group.

Sheehan joins Ferguson Modular Ltd from Acergy, where he was the managing director of Acergy UK Ltd and deputy Vice President in the Northern Europe and Canada Region.

Prior to joining Acergy in 2005, he was Managing Director of Bibby Offshore for two years. Sheehan’s previous high-profile posts also include Vice President at Technip, where he was based in the US developing business in the Gulf of Mexico and Americas, sales director of the Balmoral Group and Aberdeen-based area manager for Coflexip.

"Tim has an incredible amount of experience and an enviable reputation across the energy industry, built up over the last 30 years. We are delighted he has joined us at such a significant time for the Ferguson Group with investment of £60million planned across the divisions over the next three years and major developments anticipated in our Ferguson Modular division in the vessel accommodation market," said Ferguson.

Sheehan said, "It is very exciting to join such an established, well-respected business with ambitious growth plans in terms of technical excellence, product enhancement and international expansion. With the global market generally very strong, the main challenge will be to prioritise and focus on future opportunities, at the right time, and in the right part of the world and I am confident we have a team in place who can handle this challenge."

The appointment will complete the highly-experienced management line-up at Ferguson Modular Ltd, including chairman Mike Salter, whose roles have included COO of Abbot Group plc, Chief Executive of Smedvig Ltd, Chairman of International Association of Drilling Contractors North Sea Chapter and Chairman of the British Rig Owners Association.

Salter has also been part of the leadership team at PILOT, the joint Government/Industry Liaison group, and he has been involved with CRINE, an industry initiative to improve efficiency in the upstream oil and gas industry. He retains the chairmanship on a non-executive basis of Bentec GmbH, Abbot’s Germany-based land rig and equipment manufacturer, is Non-Executive Chairman of ASCO and Red Spider Technology, and is a Governor of RGU.

He became Chairman of Ferguson Modular Ltd, which employs 80 people around the world, 18 months ago following the restructure of the Ferguson Group.

The Ferguson Group recently reported rapid growth in 2007, with turnover rising by 45% to more than £28million, giving record pretax profits of over £8.5million.

It was the first time the Ferguson Group had reported results integrated across divisions and followed the restructuring in January 2007, resulting in four subsidiary companies – Ferguson Modular Ltd and Ferguson Seacabs Ltd in the UK, Ferguson Norge AS in Norway and Ferguson Seacabs Pty Ltd in Australia.