The Board of Directors of Electromagnetic Geoservices ASA (EMGS) has appointed Christiaan A. Vermeijden as new Chief Executive Officer (CEO).

Vermeijden is 42 years old and comes from the position as Global Offshore Geotechnical Director of Fugro N.V., where he was part of the Executive Management Team. Vermeijden has worked for Fugro since 2000 in several challenging management positions around the world, and brings with him extensive international experience and knowledge of the oil and gas service industry. He holds a Master in Science (MSc) degree in Physical Geography from the University of Amsterdam and a Master in Business Administration (MBA) from the Rotterdam School of Management.

The current CEO Stig Eide Sivertsen will continue his tenure until Christiaan Vermeijden takes over the role in the beginning of 2016, and he is then expected to resume his non-executive directorship at the Board of EMGS.

Christiaan Vermeijden, will, as part of his compensation package as CEO of EMGS, receive 10 million options to acquire a corresponding number of EMGS shares at NOK 0.25. The exercise price of NOK 0.25 is equal to the subscription price in the Rights Issue as proposed during an extraordinary general meeting (“EGM”) on 26 November 2015. The options will be vesting three to five years from the EGM and be exercisable during two years from vesting.

The Chairman of the board, Eystein Eriksrud says:  “We are very pleased with the appointment of Christiaan, and we are confident that he will be the right person to develop EMGS going forward. The company is now in a better position to face the challenging market, with a sustainable cost base, a stronger balance sheet and a restructured management team. At the same time we are grateful to Stig Eide Sivertsen who took on the CEO role in a difficult time for the company, and secured agreement from the stakeholders to the restructuring plan as well as the implementation of the necessary cost reductions.”