SBM Offshore chief executive Tony Mace has announced that will stand down as CEO as of December 31, after the company's half-yearly results were tarnished by a large-cost-overrun.
Mace has told SBM's supervisory board that he will not stand for re-election at the next AGM in May 2012 . The supervisory board will call an EGM later this year to propose Bruno Chabas to take over as CEO. Chabas joined the company as chief operating officer in May from Acergy, where he had held the same position for eight years. He is a French citizen and has an MBA from Babson College, USA.
Mace's resignation came as SBM announced a net loss of US$250.8 million for the first half of 2011 compared with a profit of US$92.5 million at the same point last year. The half-year results were dominated by an impairment charge of US$450 related to cost increases on the company's Yme and Deep Panuke projects. The company reported half-yearly turnover of US$1.461 billion with an EBITDA of US$359.7 million. The company also reported a record order portfolio US$12.4 billion.
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