Noble Corporation has appointed Stephen Butz as its new CFO. He replaces Adam Peakes who left in September.
The company is an offshore drilling contractor. It has its registered head office in London but its operational head office is in Sugar Land.
Mr Butz has relevant experience, having been the CFO of fellow drilling contractor, Rowan Companies from December 2014 until its merger with Ensco in April 2019. Between 2005 and 2014 Mr Butz worked at Hercules Offshore in various financial roles including CFO. Prior to that, he even served as a consultant to Noble.
Mr Butz will receive a base salary of $550,000 and a cash sign-on bonus of $1.1 million. After the appointment was announced, the share price of the company rose 15 cents to $1.08. The company has a market cap of $233 million and debt of $4 billion.
Mr Peakes was paid $450,000 and received a severance of $1 million.