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Geothermal Drilling company Iceland Drilling loses well respected CEO

Geothermal Drilling company Iceland Drilling loses well respected CEO Drilling Rig Odinn on location in Iceland, Iceland Drilling (source: Iceland Drilling)
Alexander Richter 21 Feb 2012

Geothermal drilling company Iceland Drilling is loosing its CEO of 22 years, Bent S. Einarsson. With a change in ownership and feeling having positioned the company well in the difficult market conditions in Iceland he says it was time to step down.

In an announcement last week, Icelandic geothermal drilling specialist Iceland Drilling reports that its CEO of 22 years, Bent S. Einarsson has decided to step down.

Bent has been CEO since the year 1989, but before that time he had served as the financial manager. The company has over the years established itself as one of the global leaders when it comes to geothermal drilling, based on its extensive drilling experience in Iceland. The company is operating internationally with drilling underway in New Zealand, Iceland, Dominica, Germany, Denmark and other countries.

Given the indecisive situation on the Icelandic energy market, the company has been forced to increasingly looking outside of Iceland for getting its drilling rig to work. Today, the company is likely to focus completely on international markets as it was forced to do so given the lack of political decisions in further energy development in Iceland.

In a statement, the former CEO, Bent S. Einarsson said: “I leave Iceland Drilling Company at peace after a quarter of a decade. I am particular pleased with the success we have achieved in the international markets. We have managed this through the dedication and efficiency of our employees. IDC is a unique company which possesses the knowledge and the state of the art drilling technology that is sought after by the geothermal sector worldwide. The company is strong and the prospects are good. Now it is turning point for IDC and new owners take over the company. I consider it appropriate to step aside on this occasion and let the new owners develop it further. I want to thank my colleagues for good cooperation and excellent work over the years and wish the company every success in the future.

“IDC now stand at a crossroads as its sales-process has been finished. The main task of the last three years has been to secure continued operation of the company on foreign markets, and it has been well led by Bent S. Einarsson. On behalf of the board and the employees I want to thank Mr. Einarsson for a long and successful work for the company.”, said Kirstín Flygenring, Chairman of the Board of Iceland Drilling.”

There is no word on who is likely to take over the CEO role at Iceland Drilling.

Source: Iceland Drilling release