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  Case Studies The Situation The Search The Successful Results  

    Management Team for a Public Off-Shore Drilling Company

Energy & Natural Resources



  The Situation

The client was a public off-shore drilling company. A major investment bank, known for making significant industry sector equity investments, held control of the company. The bank's principals monetized their investment after six years, realizing more than a 400 percent return.


  The Search

Ray & Berndtson's energy and natural resources practice was retained to recruit a new chief executive officer, chief financial officer, vice president of sales & marketing, vice president of treasury, and vice president of human resources. Working with the new CEO and chairman, we replaced five corporate executives, each having significant public CEO or presidential experience from public seismic, exploration & production, petroleum equipment, gas transportation & marketing, and energy strategy consulting companies.


  The Successful Results

Despite significant energy commodity price fluctuation (from late 1997-to mid 1999), shareholder value has increased over 100 percent, net asset value over 200 percent (with addition of two 4th generation semi-submersibles, and North Sea and Indonesian jack-up rigs), while debt remains under 35 percent of capitalization.
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