Sept 10 Talisman Energy Inc ,
Canada's No. 5 independent oil explorer, said Chief Executive
John Manzoni has stepped down, effective immediately.
The company said it named Hal Kvisle, former CEO of
TransCanada Corp and a director of Talisman, its chief
The Talisman-operated North Sea oil platform Yme, under
construction, had been evacuated in July due to problems with
Manzoni, who held the top job for five years, had expressed
frustration several times in the past year over what he called
poor workmanship by Dutch contractor SBM Offshore,
which has forced large portions of work to be redone.
Earlier, the company had written down the value of the
project by $248 million. It had been on Talisman's books for
Talisman said in June it would shift efforts to more
valuable liquids-rich gas prospects as dry gas prices languished
near 10-year lows.
Talisman, also known for assets in the North Sea, the United
States and Southeast Asia, has been a potential takeover target
following the $15.1 billion bid by Chinese state-owned CNOOC Ltd
for rival Nexen Inc.
Shares of Talisman, which has a market value of C$14.31
billion, have risen almost 28 percent in the last three months.
They closed at $13.87 on Friday on the Toronto Stock Exchange.