The Press and Journal (Inverness, Highlands, and Islands)
New Hurricane chairman
Experienced head brought in as first Lancaster field oil beckons
Hurricane Energy, the firm behind one of the largest new developments in the North Sea, has announced the appointment of a new chairman.
Oil and gas veteran Steven McTiernan takes up the role of non-executive chairman on May 1.
He replaces David Jenkins, who has been in the position on an interim basis since November. Previous chairman Robert Arnott quit in a disagreement over Hurricane’s future direction. With 45 years in oil and gas, Mr McTiernan was a non-executive director of Tullow Oil and independent director at Songa Offshore SE until 2014. His industry experience also includes time at Iraq Petroleum, Amoco, BP and Mesa.
His appointment comes at a crucial time for Hurricane as it moves towards first oil from its huge Lancaster development west of Shetland. It is estimated to hold more than a billion barrels of oil equivalent, with first oil expected in the first half of 2019.
Work is currently being carried out on the floating production, storage and off-loading vessel, which is moored in Dubai.
Chief executive Robert Trice said: “I am delighted to welcome Steven to the board. This is an extremely important time for the company as we progress towards first oil on Lancaster. As the company continues to grow, and considers the best way to create further value for its stakeholders, Steven’s experience will prove invaluable.
“His background in both the oil industry and finance, particularly his significant M&A (mergers and acquisitions) experience, is well-suited to guiding the company in its next steps.”
Mr McTiernan said: “I am most enthusiastic to be joining Hurricane, one of the UK E&P (exploration and production) sector’s most exciting junior companies, at an early stage in the development and appraisal of its unique and play-opening assets.
“The potential scale and productivity of Hurricane’s opportunity is highly significant. My diverse technical, financing and transaction experiences can be valuable in helping shape the future progress of the company.”