Fugro Plans to Appoint Øystein Løseth as New CEO

Fugro’s Supervisory Board has decided to nominate Øystein Løseth as the company’s new CEO after Paul van Riel, who currently holds the position, retires in April 2018.

At an Extraordinary General Meeting scheduled to be held on 14 December 2017, the Supervisory Board will nominate Løseth for appointment as member of the Board of Management and subsequently as CEO.

If Øystein Løseth is appointed at the shareholders meeting, he will join the Board of Management starting 1 January.

After a transition period, Løseth will succeed Paul van Riel who will retire as planned at the end of his term at the Annual General Meeting due to take place on 26 April 2018.

Øystein Løseth said: “After several years in a non-executive role, I was ready for a new, challenging and exciting executive role in an international environment again. I feel that in this phase of my life I can contribute more in such a role. I am therefore excited about being given the opportunity to succeed Paul van Riel as CEO of Fugro.”

Løseth has management experience at board level in major companies. From October 2014 until recently he was on the board of directors of Statoil AS, of which the last two years as Chairman of the Board. Previously he was CEO of Vattenfall AB and of NUON.

“I have come to know Fugro as a company with very strong market positions and an excellent reputation, based on the skills of its people and innovative technologies, and look forward to interacting with Fugro’s clients. Also I look forward to returning to the Netherlands as I have enjoyed working there for many years. I am strongly committed to work with the Board of Management and Fugro’s staff to restore profitability, grow the markets outside oil and gas and to create value for all stakeholders,” Løseth said.

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