Foraco International SA announced the planned retirement of Chairman and coCEO Daniel Simoncini and coCEO and CFO JeanPierre Charmensat from their executive management positions effective as of July 1, 2023. Mr. Simoncini and Mr. Charmensat will continue to serve on the Board of Directors and support an orderly transition, and will undertake special projects on behalf of the Board. Foraco's Board has unanimously approved the following executive appointments, effective July 1, 2023: Tim Bremner, currently SVP, North America as CEO Fabien Seveste, currently Deputy CFO, as CFO Olivier Demesy, currently SVP Brazil, as SVP, Latin America, Europe and Africa Mr. Bremner, incoming Chief Executive Officer, is currently Senior Vice President, North America.

Tim, who has a BSc in Mining Engineering, joined Foraco in 2006 to start Foraco Canada. Sixteen years later, Foraco Canada has become the undisputed reference in water and mineral drilling in the country, growing from zero to USD 100 Million revenues over the period. Tim has been in charge of North America operations, including spot jobs in the US, and brilliantly executed the integration of the former Connors Drilling and Northwest Sequoia Drilling companies into Foraco International making Canada the of worldwide operations.

He also led the development of very successful deep directional core drilling activity from scratch to multimillion dollars in activity, together with the expansion of underground activity. Mr. Sevestre, incoming Chief Financial Officer, is currently Deputy Chief Financial Officer. Fabien, a Chartered Accountant, joined Foraco in 2001 as a Cost Controller and since 2007 has supervised the Corporate Accounting and Control Department at Foraco.

Fabien has since been involved in all stages of the organization and in the development of Foraco, including a decisive role in the latter debt restructuring, and will continue to represent a key figure for the continuity of this mission. Olivier Demesy, incoming Senior Vice President Latin America, Europe and Africa, is currently Vice President, Brazil. Olivier is Mechanical Engineer by training and joined Foraco in 2011 as EMEA Manager for a couple of years before relocating to Brazil to lead the Servitec integration into Foraco International together with local minority partner.

Over ten years, Olivier transformed Servitec Foraco - now Foraco Brazil - into a recognized leader in the country with spectacular results.