Top executives depart distressed UK oil and gas producer

UK oil and gas producer Waldorf Production has replaced three of its top executives as the distressed company's financial restructuring process continues.

The company said chief executive Erik Brodahl, chief financial officer Aaditya Chintalapati and chief of staff Jon Bard Skabo had departed.

"Their respective roles on the board and leadership team ceased with effect from 15 May 2025. Waldorf Production thanks them for their service."

They have been replaced by Paul Tanner as chief executive, Tom Hughes as chief financial officer, and Corey Duff as general counsel and commercial director. Matt Mulcahy has been appointed as a director to the board.

Tanner was previously the company's general counsel and commercial director, Mulcahy is currently the technical director, Hughes was most recently a director in the oil and gas group at Houlihan Lokey, and Duff was previously the company's head of legal.

Waldorf Production UK has interests in multiple producing offshore fields in the UK North Sea, including a 40% holding in the Catcher oilfield.

Other field interests include 29.5% of the Kraken oilfield, 25.68% in the Alba asset, 30% of Bacchus, 7.9% in Enoch, 50% of Scolty-Crathes and 21.83% in the Scott field.

In its most recent operations and financial update on 25 March 2025, Waldorf said group net production

in 2024 averaged 19,400 barrels of oil equivalent per day, "reflecting natural declines across the portfolio and planned maintenance activity".

The group had $14.7 million of unrestricted cash, and $381 million of net debt.

EnQuest Petroleum, the operator of the Kraken field, said in an investor meet last month that Waldorf "remain a partner in good standing. They're paying all their cash calls, paying all their bills. We've got a good operational working relationship with them".