Oslo-listed service provider Subsea 7 is bringing back former executive Mark Foley to take the post of chief financial officer from 1 January next year to replace retiring incumbent Ricardo Rosa.
The move comes as Subsea 7 reshuffles its business model and corporate management teams to play a more active role in serving growing renewables business across Europe, the US and elsewhere.
Earlier this month, Subsea 7 revealed four high profile appointments to Seaway 7, the company to be created from the planned combination of Subsea 7’s renewables business unit with Norway-listed specialist transport and installation contractor OHT.
Foley worked at Subsea 7 as a group controller between 2012 and 2017 before switching to UK contractor Petrofac, where he held the position of group financial controller and senior vice president finance for the company's engineering and construction business unit.
Despite several ongoing and new offshore oil, gas and renewables installation contracts, Subsea 7's share price has continued to drop since March 2021.
The company’s market capitalisation has fallen by more than a third during the past five months to about $19.3 billion this week, with its stock trading close to historic lows last seen at the end of the first quarter of 2020.
According to Subsea 7's latest financial report, its revenues increased to $1.2 billion in the second quarter this year against $754 million in the same period last year, with net loss shrinking to $28 million against $930 million in the second quarter of 2020.
On the global market, Subsea 7's core competitors are UK-headquartered giant TechnipFMC and Italy’s Saipem, according to stock analysts.