Araca Energy ASA has announced changes to its executive management structure in order to transition into a more robust company and to deliver on its strategy. The company announced that Mr. Harald Sætvedt has accepted the position as Chief Executive Officer. Furthermore, the company has established a Steering Committee consisting of Messrs Rashid M. Ibrahim, Lloyd Pengilly, Ravi Kuri and Harald Sætvedt.

The purpose of the new committee is to evaluate and act on important strategic decisions for the company and evaluate new potential growth opportunities. Mr. Harald Sætvedt has 20 years of experience from the Investment Banking business including Pareto Securities and Clarksons Platou Securities, mostly within the Oil & Gas sectors. Mr. Henrik Wold will step down from role as Chief Executive Officer and will resume in an advisory role to the Chairman of the Board.