Neptune appoints new Chief Financial Officer


PERTH, Western Australia: Neptune Marine Services Ltd (ASX: NMS, Neptune or the Company) is pleased to announce the appointment of Colin Napier as Chief Financial Officer, effective 1 August 2011.

Mr Napier has been a consultant to Neptune for the past six months redesigning the Company's Board and management reporting and assisting with financial management systems to ensure a smooth transition from Neptune’s current CFO, David de Loub.

Neptune Chief Executive Officer Robin King thanked Mr de Loub for the significant role he played during the Company's $65 million equity capital raising, completed in March, and the associated restructuring initiatives, where his banking and capital management background was essential.

Mr King said that Mr Napier's extensive experience in accounting and finance roles made him an important addition to the leadership team as the Company moved out of its restructuring phase.

"With our bank term facilities fully repaid it is an appropriate time to transition the emphasis of our CFO role from banking and capital markets experience towards more traditional accounting and financial management" said Mr King.

Mr Napier has worked in the accounting and finance industry for more than 20 years, most recently as managing director at a corporate consulting firm. He previously spent 10 years in senior finance roles at Coogee Chemicals, a large, privately-owned chemicals producer based in Western Australia, including five years as CFO. He also worked in senior positions at accounting firms Coopers & Lybrand and William Buck. Mr Napier is a qualified Chartered Accountant. His qualifications include a Master of Business Administration and a Bachelor of Commerce.

The appointment of Mr Napier to the role of CFO represents a further strengthening of the Board and management team undertaken as part of Neptune's restructuring program. Mr Napier's appointment follows the recent additions to the Board of Mr Peter Wallace and Mr Boon Wee Kuah (CEO of cornerstone shareholder MTQ) together with the permanent appointment of Mr Robin King as CEO.

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