The ceo and executive chairman of UAE rigbuilder Lamprell will be staying on until the end of the year as the search for their replacements.

Lamprell ceo James Moffat had been due to retire on 30 June 2016, while executive chairman John Kennedy was to have stood down after the company’s agm on 15 May 2016.

However, Lamprell said on Tuesday that both Moffat and Kennedy had agreed to remain in their respective roles until the end 2016, or until a new ceo was found."The board has been assessing potential candidates for the role of ceo to replace James Moffat following his retirement later this year. The ceo search process remains a key priority for the Board and we are determined to find the right candidate,” Kennedy said.

“In the current operating environment, the board and executive management will provide leadership continuity.”

Lamprell has been cutting costs given the current slump in the offshore industry and said it reduced its management, professional and administrative staff by around 100 people or 8% of the total.