EnQuest PLC Announces Board Change

Source: www.gulfoilandgas.com 6/17/2022, Location: Europe

EnQuest PLC ('EnQuest') announces that Martin Houston has notified the Board of his intention to step down as Non-Executive Chairman to focus on his other business interests. Martin has been Chair of the Board since 1 October 2019. The timing of his departure will be confirmed once a successor has been recruited.

The Board will now begin the search process for a new Non-Executive Chair, led by Senior Independent Director Howard Paver. An announcement confirming Martin’s successor will be made in due course.

Under Martin’s leadership, EnQuest has made good progress against its strategic objectives. In particular, year-end net debt has been reduced to $1,222.0 million, its lowest level since 2014. EnQuest has made three acquisitions and is well positioned to play a growing role in the energy transition. In addition, Martin has overseen significant improvements in governance, including recruiting several new non-executive directors, bringing greater diversity of gender, background and skills to the Board.

Amjad Bseisu, Chief Executive of EnQuest, said:
“On behalf of the Board and the management team, I would like to thank Martin for his diligent contribution to EnQuest. With his extensive experience and industry knowledge, he has provided valuable support to EnQuest during the difficult years spanning the pandemic.”

Martin Houston, Chair of EnQuest, said:
“I have much enjoyed leading the EnQuest Board, but now is the right time to focus on my wider portfolio of companies in the sector. Over the last three years, EnQuest has made significant progress, despite the challenges of the pandemic and commodity price volatility. With a strengthened and diversified Board, I believe EnQuest is well positioned for the next phase of its journey.”

Howard Paver, Senior Non-Executive Director of EnQuest, said:
“On behalf of the Board, I thank Martin for his strong, principled, leadership in a period of challenge and change, both for EnQuest and our industry. Martin has focused resolutely on serving the interests of all our shareholders.”


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