Australian company Liquefied Natural Gas Limited has announced board and management changes in a bid to enhance success in its 100% owned Magnolia LNG Project.
A statement from the company explained that changes were being made to deliver a final investment decision (FID) for the US Magnolia LNG Project and to market the company’s liquefied natural gas (LNG) business model that largely focuses on its OSMR® LNG process technology, which is attracting increasing interest within the LNG industry. The company said it also wanted to lessen the size of the board, which would result in a majority of non-executive directors.
Company Chairman Richard Beresford said: “The board had been assessing for some time its composition and what changes would achieve improved governance while allowing the company to accelerate the substantial momentum that is building in its Magnolia LNG Project.
“With these objectives in mind, the Board has agreed with Paul Bridgwood and Norman Marshall that they will step down from the board after this year’s annual general meeting on the 25 November 2013 but continue in their key executive roles of Chief Technical Officer and Chief Financial Officer respectively. Norm and Paul have also been appointed Managers (Directors) of Magnolia LNG, LLC, which will require them to spend considerable time in the drive for the Magnolia LNG Project to achieve a Final Investment Decision”, said Mr Beresford.
“The board has also agreed to start the search for a USA based Non-Executive Director who has substantial relevant experience in major project development and construction in the US. The Company hopes to make this appointment in the first half of next year”, he added.
The Company’s Managing Director and President of Magnolia LNG, LLC, Maurice Brand said: “In order to maintain and accelerate the momentum of the Magnolia LNG Project, the Company has begun the search for a Houston based Project Director”.
The role of the new Project Director will be to oversee management and coordination of the Magnolia LNG Project through to FID.
Maximise shareholder value
“The Project Director will join Paul Bridgwood (Senior Vice President, Engineering and Construction), Norm Marshall (Senior Vice President, Finance and Commercial) and our existing Vice President, Development, Ernie Megginson, providing the Company with a very experienced management team and one capable, with the excellent team of consultants that have been engaged and the recruitment of several key additional personnel, to deliver the Magnolia LNG Project and maximise shareholder value“, added Mr Brand.
Adapted from press release by Ted Monroe
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/08112013/magnolia_lng_project_a_priority_for_lng_ltd_as_board_changes_are_made/