Marine seismic company Polarcus has appointed Duncan Eley as its new chief executive officer. Mr Eley replaces Rod Starr, who has resigned from the company following the completion of a two-year period of restructuring, refinancing and reorganisation.
Peter Rigg, chairman of the board at Polarcus, said: “Rod has made a significant and transforming contribution to the company. He has created an executive team exceptionally well-qualified to continue the company's development. Duncan has been responsible for many areas of strength within the company and is a natural successor. The board is grateful to Rod for his contribution and for developing our current depth of executive talent. We shall continue to work with him through the transition and wish him every success for the future.”
Mr Eley, currently chief operating officer for Polarcus, takes over as chief executive officer immediately. He has more than 18 years of experience in the seismic industry in various senior management roles and has been Polarcus’ chief operating officer since May 2013. He worked with Schlumberger for 10 years supporting marine seismic operations in Europe, Africa and the Americas. Prior to joining Polarcus in 2009, Mr Eley worked for a global strategy consultancy firm across the energy, transport and natural resources sectors.
Mr Starr joined Polarcus in February 2015. Under his leadership, the company gained market share, significantly reduced operating and overhead costs and created additional liquidity through reduced debt payments and a recent private placement of equity. He will continue to work with the executive management team and Polarcus' board of directors for a transition period during the second quarter of 2017.