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Author Topic: PMHH oil service CEO promoted to Group CEO
The Owl
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Global Marine Energy PLC
24 May 2006

24 May 2006


Global Marine Energy plc

Appointment of Chief Executive


Global Marine Energy plc, ('GME' or 'the Company'), the oilfield services
company, announces that Paul Findlay, the current Chief Executive of Patriot
Mechanical Handling, GME's US subsidiary, will take over as Group Chief
Executive with immediate effect.


Philip Wood becomes Executive Chairman and Stewart Wild steps down from the
Board with immediate effect.


Philip Wood commented:


'The appointment of Paul as CEO of the Group will help us to continue to drive
the business forward. Paul has a proven pedigree and the Board believes he is
the correct individual to lead the business, especially during this period of
high growth.'


For further information please contact:

Philip Wood, Chairman, Global Marine Energy plc 01274 531 862

Adam Westcott, Noble & Company Limited 020 7763 2200

Michael Padley / Susan Scott, Bankside Consultants 0207 367 8888

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ballyman
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Not a whole lot of info on NIM, looks like there will be a replacement for that side of the operation then and someone will have to step into PMH as well, unless they just formulate one big company and drop the subs.

--------------------
"It's a head game...climbing a mountain that is, 20% physical:80% mental."

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The Owl
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I don't think they'll replace S Wild - they don't need to. Most of NIM's work can now come from Patriot, however that's not good as GME will be running 2 capital intensive businesses where the smaller is a drain on the larger.

My take is they'll sell (possibly to EMCE so EMCE can expand in the UK) for about £3-£4m, then knock the NIM cost off the balance sheet, and use the funds to further PMHH growth & profits.

NIM has been a pain in the company's side, and tiny in comparison to Patriot. However, it is now profitable so could be sold for a premium on 2004 buy price - just my opinion.

It's strange Paul Findlay has been promoted now and not at the results. This could suggest he is needed in place now for something when the results are announced :-)

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ballyman
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Well companies do not restructure just for the fun of it. It is actually quite an ordeal for the whole company, companies in this case. Something is definetly taking place for the need to restructure.

--------------------
"It's a head game...climbing a mountain that is, 20% physical:80% mental."

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The Owl
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Last call for end June. Here's the clue
http://www.source1drilling.com/links.htm

Posts: 318 | From: UK | Registered: Mar 2006  |  IP: Logged | Report this post to a Moderator
   

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