CEO Rasmus Sunde to leave Aibel

London, UK, 24 June 2008

The Board of the Aibel Group is not satisfied with the Company’s performance relating to improvement of compliance and operational controls, and has asked the CEO, Rasmus Sunde, to resign.

The Company has not been successful in implementing its Compliance Code and Directives, a core responsibility for the CEO. At Aibel, the Compliance Code and Directives govern the business conduct for all its business areas, including due diligence of 3 as making sure the employees understand the Company’s ethical and moral responsibility.

The Company has not efficiently implemented the requirements set by the Board relating to internal and operational controls. The Board is of the view that the Company will be better placed to take advantage of its strong market position and skill base with an improved governance team.

The Board has initiated a search for a permanent CEO. Gary M. Wilson has been appointed Interim CEO with immediate effect. Mr. Wilson worked in Schlumberger oilfield services positions for 20 years and was most recently Senior Vice President and General Counsel at Hanover Compressor Company, a position held since 2004.

In addition, Clive Mather has been appointed as the new Executive Chairman of the Aibel Group. Mr Mather has significant industry experience, having worked for over 35 years at Royal Dutch Shell and held a number of executive roles, including Chairman of Shell UK Limited and latterly President and CEO of Shell Canada Limited.

For more information, contact:

Contact person: James Gunderson
Chairman Nominations and Governance Committee of the Board
Mobile: +1 713 298 3629

Aibel ( is dedicated to oil and gas Production Facilities Solutions. The company engineers, builds, maintains, modifies and operates production facilities and offers a portfolio of advanced separation, gas and drilling technology solutions, all to help customers achieve greater production.

A multicultural company with over 100 years of industry experience and more than 7,000 professionals, our dedication to meeting our customers’ needs is matched only by our equal commitment to innovation, integrity, safety and environmental sustainability.

Published 2008-06-24, 08:00 CET Updated 2011-01-18, 14:45 CET

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