Page 21 - EurOil Week 50 2020

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Finance Director. While operating on the Rhum field, the
As previously reported, Chrysaor and WilPhoenix incurred technical downtime on New CFO to join Equinor next
Premier Oil announced their all-stock November 16.
merger proposal in October. In an update on December 15, Awilco year
In a joint statement released at the said that repairs to the failed equipment have
time, Premier Oil and Harbour Energy, been completed but the rig remains on zero Norwegian oil and gas company Equinor has
Chrysaor’s largest shareholder, said the rate awaiting weather conditions to allow the appointed Ulrica Fearn as its chief financial
proposed merger would create the largest work to continue. officer (CFO) and executive vice president,
independent oil and gas company by Operations are expected to resume on or with effect from June 16 2021.
production and reserves listed on the about December 17 but as a consequence Fearn will succeed acting CFO Svein
London Stock Exchange with combined of the downtime and weather delays, Skeie, who will become senior vice president
production of over 250,000 boepd as at WilPhoenix is expected to remain at Rhum CFO Performance Management and Risk
June 30, 2020. until late January 2021. with effect from the same date.
In a separate statement on December Before these delays, the rig was expected Svein Skeie took over the acting CFO
16, Premier Oil said that the General to complete the work for Serica in early role on November 1 2020 following the
Meeting of Premier’s shareholders December 2020. resignation of Lars Christian Bacher.
to approve the transaction has been In a separate statement on December 15, Fearn is currently Director of Group
scheduled for January 12, 2021. Subject to Serica said that progress on the Rhum field Finance at BT, where she has helped drive
all necessary approvals, the transaction is has been slower than had been anticipated. cultural change and strong sustainable
expected to complete by the end of the first Poor weather conditions have resulted performance since 2017, Equinor said on
quarter of 2021.e in approximately 11 days of weather-related December 16.
On completion of the merger, Premier downtime and the resolution of a technical Anders Opedal, president and CEO of
will be renamed Harbour Energy. problem with rig equipment has led to a Equinor, said: “I am pleased to welcome
The Board of Harbour Energy will further 28 days of downtime. Ulrica to Equinor and our leadership team.
comprise 11 directors: six independent Serica noted it has some financial Her deep and extensive experience in leading
non-executive directors, two non-executive protection against the effects of both weather financial operations, as well as driving
directors appointed by funds managed by and rig-related downtime. operational, control and shared services
EIG Global Energy Partners (EIG), and During periods of inactivity due to results, will make a strong contribution to
three executive directors. weather, the day rate paid for the rig is the leadership of Equinor.
reduced and for periods of rig downtime
longer than 24 hours no day rate is payable.
Serica suffers Rhum field Serica share of costs associated with the R3
Despite this, it is anticipated that the
setbacks Intervention Project will increase by some
£3mn (about $4mn).
UK oil and gas company Serica Energy has Serica emphasised that the technical
encountered difficulties while conducting a problems encountered to date have caused
well intervention project on the Rhum field delays but do not impact the ability to
in the UK North Sea due to rig downtime successfully complete the intended work
and weather delays. programme.
The WilPhoenix rig started working
on Rhum field R3 Intervention Project on
October 12 2020.

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