Chief executive officer at Atlantic Petroleum, an oil and gas company based in Tórshavn, Faroe Islands, has tendered his resignation to the role.
The oil company informed on Friday that Ben Arabo would leave the company to take up a Faroe Islands-based post. He will remain in place as CEO until December 1.
The board will be announcing his replacement as CEO in the near future, the company added.
Birgir Durhuus, Chairman of the Board, said: “We are sorry to part ways with Ben Arabo. I would like to thank him for his contribution over the years. The last three years have been very challenging in the industry and under Ben’s leadership Atlantic Petroleum has navigated through very difficult waters.”
Durhuus further added: “The company is now refinanced with an expected revenue stream commencing in 2018. This is a good base to grow the company again and to acquire new assets, which will be one of the main tasks of the incoming CEO.”
Ben Arabo said: “I wish the company all the best and I am confident that board and management will succeed in the endeavors to grow from the new base.”