KrisEnergy makes changes at the helm

Mr Tang takes over as KrisEnergy's chief operating officer from today after the completion of the firm's financial restructuring.
Mr Tang takes over as KrisEnergy's chief operating officer from today after the completion of the firm's financial restructuring.PHOTO: KRISENERGY
Mr Tang takes over as KrisEnergy's chief operating officer from today after the completion of the firm's financial restructuring.
Mr Tang (above) takes over as KrisEnergy's chief operating officer from today after the completion of the firm's financial restructuring.PHOTO: KRISENERGY

Oil and gas producer appoints new COO, two exec directors to step down from board

Upstream oil and gas producer KrisEnergy is making changes to its management and board of directors following the completion of its financial restructuring last month.

It has appointed Mr Kelvin Tang as its new chief operating officer with effect from today. He is currently vice-president of legal and president of KrisEnergy's Cambodia operations. He joined the firm in 2009 and will retain his post in Cambodia, where the firm is planning to develop the Apsara oil field.

Deputy general counsel Sally Ting has been promoted to general counsel.

Meanwhile, executive directors Richard Lorentz and Chris Gibson-Robinson will step down from the board on April 24. Mr Lorentz, who is also the director of business development, and Mr Gibson-Robinson, the director of exploration and production, will remain in their executive roles until June 30.

After that, they will become advisers to the chief executive officer, a post that remains vacant.

Interim chief executive Jeffrey S. MacDonald said: "Following the financial restructuring, we are making some organisational changes in order to execute our new business plan."

Independent non-executive chairman Tan Ek Kia, who replaced Mr Will Honeybourne last month, said: "Richard and Chris were founding directors of KrisEnergy. They have been instrumental in building a very strong portfolio of assets in South-east Asia. "

Last December, KrisEnergy got the green light from bond holders to defer payment on $330 million worth of bonds for five years after its liquidity position turned "critical". That allowed KrisEnergy to access a US$35 million (S$50 million) bridge commitment from DBS and up to $140 million of preferential offering of zero-coupon secured notes with detachable warrants that major shareholder Keppel committed to subscribe to.

A version of this article appeared in the print edition of The Straits Times on March 15, 2017, with the headline 'KrisEnergy makes changes at the helm'. Print Edition | Subscribe