Cairn appoints oil sector veteran as non-executive

Nicoletta Giadrossi will also serve on Cairn Energy's remuneration committee. Picture: Contributed
Nicoletta Giadrossi will also serve on Cairn Energy's remuneration committee. Picture: Contributed
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Cairn Energy, the Edinburgh-based oil and gas explorer, today named sector veteran Nicoletta Giadrossi as an independent non-executive director.

Giadrossi, a former head of operations at Norwegian oil services group Aker Solutions, will be paid an annual fee of £74,900 for her role, which also sees her join Cairn’s remuneration committee.

READ MORE: Cairn Energy buoyed by ‘world-class’ Senegal discovery

After graduating from Yale in 1988 with a BA in mathematics and economics, Giadrossi received an MBA from Harvard Business School in 1992 and began her career with Boston Consulting Group before moving to General Electric, where she eventually took on global responsibility for its oil and gas refinery and petrochemicals division, based in Florence.

After a three-year stint in the private equity arena, she returned to the energy industry in 2009 as vice-president and general manager for Europe, the Middle East and Africa at machinery company Dresser-Rand, where she was responsible for a budget of about £1.4 billion.

Following the sale of Dresser-Rand to Siemens, Giadrossi moved to Norway to join Aker, and in 2014 became president of the Europe, Africa, Middle East, Russia and India division of engineering specialist Technip, overseeing more than 10,000 employees across its onshore, offshore and subsea activities.

Since Technip’s merger with US group FMC Technologies last year, she has focused on non-executive roles and is currently a board member at Italian shipbuilder Fincantieri, inspection specialist Bureau Veritas and railway equipment manufacturer Faiveley Transport, as well as serving on the board of senior advisers for private equity firm Bain Capital Partners.

Cairn Energy chairman Ian Tyler said: “Nicoletta brings a wealth of international senior management and oil and gas industry experience. Her appointment will bring additional breadth to our board and provide a different perspective on our business.”

The explorer, which is targeting first oil from the Kraken and Catcher fields in the North Sea this year, saw its losses narrow to $38 million (£31.3m) for the six months to the end of June last year, down from $230m the previous year, when its bottom line was hit by a $168m writedown on the value of its 10 per cent stake in former subsidiary Cairn India, which it cannot sell amid an ongoing dispute with the Indian tax authorities.

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