LONDON (Alliance News) - Capital Drilling Ltd Thursday said former BHP Billiton executive Mark Parsons will become its chief executive from November 17, with interim CEO Jamie Boyton reverting back to the executive chairman role on the same day after two years fulfilling both roles.
The company said Parsons is bringing 36 years of experience in the minerals and oil and gas industries, including a stint as vice president of operations in the global minerals exploration unit of BHP Billiton where he was responsible for all the mining giant's greenfield mineral exploration projects.
"Mark's broad experience in managing large and diverse teams in the mining, mineral and oil & gas industries for major and fast growth companies, combined with his complementary skills in building and managing large and complex businesses, makes him the ideal CEO for Capital Drilling," Boyton said.
Boyton, a co-founder of Capital Drilling, has been interim CEO for two years since the company decided to rejig its management structure and former CEO Geoff Fardell departed.
"The group has now entered into a new phase of its strategy, and subsequently needs a different skill set to head up its management team," Boyton had said back in November 2012. The company at the time had said it had appointed an independent and international executive search firm to assist in finding a new CEO.
Capital Drilling swung to a loss in 2013 as revenue dropped by more than a quarter as its mining sector clients focused on cost savings in the wake of sharp falls in commodity prices. Profits and revenue were also down in the first half of this year for the same reasons, although it had cut costs meaning an improvement from the second half of 2013. It is also still generating cash, meaning it is paying down debt.
Capital Drilling shares untraded Thursday morning. The stock last traded at 26.10 pence on Wednesday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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