Excelerate makes management changes

US FSRU player Excelerate Energy has announced management changes, including the departure of its chief commercial officer Daniel Bustos.

Excelerate said in a statement it has separated the current role and responsibilities of chief commercial officer into two executive positions: chief development officer and CCO, both of whom will report to CEO Steven Kobos.

As a result, Bustos will step down from his role as CCO effective November 16, 2023.

To assist with the transition, Bustos will serve as “a senior advisor to the company until May 31, 2024, when his employment will be terminated,” Excelerate said.

In connection with Bustos’ transition to a senior advisor role and subsequent departure, Bustos and Excelerate entered into a transition services and separation agreement.

Among other things, the agreement provides that Bustos will receive continued payment of his current base salary through his departure date, a transition bonus of $221,468, subject to Bustos’ compliance with his obligations under the agreement, and severance payments and benefits in accordance with the terms of the Excelerate severance plan, the company said.

New CCO

In addition, effective November 16, 2023, Excelerate appointed Oliver Simpson as its executive VP and CCO reporting to Kobos.

Simpson, age 42, has served as VP, commercial of the company since 2017 and has been with the company since January 2014.

Prior to joining Excelerate, he was the head of LNG chartering at Fearnley Offshore and a gas trader at Total Gas and Power North America.

Excelerate added that an interim chief development officer will serve in the position until a permanent successor is identified.

The US firm currently operates ten FSRUs, one of the world’s largest fleets of such vessels, and these units are located around the globe, including in Europe, Brazil, Bangladesh, and Pakistan.

The firm ordered one 174,000-cbm FSRU at South Korea’s Hyundai Heavy Industries last year.

Excelerate is also looking to order another FSRU to further grow its business.

- Advertisements -

Most Popular

Charif Souki steps down as chairman of Tellurian

US LNG firm Tellurian, the developer of the Driftwood LNG export project in Louisiana, said on Friday that its...

QatarEnergy, ExxonMobil expect first LNG from Golden Pass plant in H1 2025

Energy giants QatarEnergy and ExxonMobil are expecting to start LNG production at their Golden Pass LNG export terminal on...

Dynagas FSRU ready to start Stade job

The 174,000-cbm FSRU Transgas Force, owned by Dynagas, has left Germany's Bremerhaven and will now work as an LNG...

More News Like This

Excelerate looking to order another FSRU

US floating LNG player Excelerate Energy is looking to order another floating storage and regasification unit (FSRU), the company's...

Excelerate seals 15-year LNG supply deal with Petrobangla

US FSRU player Excelerate Energy has signed a 15-year liquefied natural gas (LNG) supply deal with Bangladesh’s state-owned Petrobangla. Bangladesh...

Bangladesh approves long-term LNG supply deal with Excelerate

Bangladesh has reportedly approved a long-term liquefied natural gas (LNG) supply deal with US FSRU player Excelerate Energy. Several media...

Germany’s DET plans to launch two FSRU terminals in Q1 2024

German LNG terminal operator Deutsche Energy Terminal is planning to commission its FSRU-based facilities in Stade and Wilhelmshaven in...