Rune’s deep sector experience is very closely aligned with Geoquip’s expertise. He has spent the last 14 years at PGS, the Oslo-listed, fully-integrated marine geophysical company, and as CEO led its successful turnaround and merger with Norwegian offshore energy services company, TGS. He previously was a partner in Arntzen de Besche’s Oil and Energy practice and currently serves as a nonexecutive director on the boards of OKEA, the Norwegian oil producer, and Seacrest Petroleo Ltd, the Brazilian oil and gas producer.
Rune will be based at Geoquip’s headquarters in Switzerland, and takes over from outgoing CEO Richard Turner, who has accepted a role closer to his family in the UK. Richard will continue to support the Company as a senior advisor in the lead-up to Rune’s arrival in January.
Geoquip, a Njord Partners’ portfolio company, has achieved significant growth in recent years and is currently generating record annual revenues of $125 million. The Company remains committed to strategically deploying its current asset base while investing in new assets for further growth, with a particular focus on the thriving offshore wind market. Geoquip’s investments will include new geotechnical equipment, vessels, onshore laboratories, and talent. The Company is also expanding its sector exposure to new opportunities in oil and gas, subsea cabling, carbon capture storage (CCS), and scientific research.
The Board of Geoquip will work closely with Rune and his team to support the Company’s ambitious expansion plan at a time of unprecedented demand for the Company’s services. Geoquip’s revenue is expected to more than double over the next five years.
Rune Olav Pedersen, incoming CEO at Geoquip Marine, commented: “I am thrilled to be joining Geoquip at such an exciting time. The successful turnaround of the business under Njord Partners has positioned the Company as a leader in the rapidly growing offshore wind market and laid strong foundations for growth. I look forward to working closely with the rest of the team to drive Geoquip’s success in the coming years.”
Arvid Trolle, Board Director at Geoquip Marine and Co-Founder of Njord Partners, added: “On behalf of the Board and the entire Geoquip team, I would like to welcome Rune to Geoquip. We also thank Richard for his successful leadership of the business over the last two years and wish him the best in his new endeavors. With the business in a strong financial position and exciting growth opportunities ahead, we are well positioned, now under Rune’s leadership, to expand our already strong share of this market and continue to serve our valued clients globally.”
