SINGAPORE - Offshore and marine service company Gaylin Holdings has appointed a new chief executive officer, to be based out of the company's Singapore headquarters.

The new CEO, Mr Perry Kennedy, will take office with immediate effect, the company said in a statement on Wednesday (April 11).

He replaces company co-founder Desmond Teo, who stepped down from the family business's top post on March 13, but will continue as a consultant.

He joins from India's Chowgule Lavgan Yard, where he was CEO for two years.

Before that, he spent 12 years at GulfMark Offshore, capping his time there as group senior vice-president and chief marketing officer.

Loss-making Gaylin recently went through a debt restructuring organised by Asian private equity firm ShawKwei & Partners, in which the fund manager put in US$52 million for a 76 per cent stake in the company.

Managing director Kyle Shaw, who is expecting positive returns from Gaylin in the next five years, called Mr Kennedy "well respected in the industry".

The new CEO "has a track record of driving business change, modernisation, and sales and profit growth", he added.