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EnQuest PLC - London-based North Sea and Malaysia-focused oil and gas company - Says Chair Martin Houston has informed of his intention to step down. Houston has been chair since October 1, 2019. The company says the timing of his departure will be confirmed once a successor has been recruited.
Houston says: ‘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.’
‘Under Martin's leadership, EnQuest has made good progress against its strategic objectives,’ the firm says. ‘In particular, year-end net debt has been reduced to $1.22 billion, its lowest level since 2014,’ it adds. EnQuest has also made three acquisitions and sees itself well positioned to play a growing role in the energy transition.
Current stock price: down 2.9% at 26.65 pence on Friday
12-month change: up 28%
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