Oman's Galfar confirms exit of C-level officer
Gerard Hutchinson is leaving the company for personal reasons, with his resignation effective from 15 October, 2017, it has been confirmed
Oman's Galfar Engineering and Contracting has confirmed that a chief-level (C-level) officer is exiting the company.
At a board meeting held on 17 September, Gerard Hutchinson's resignation from his post of chief financial officer (CFO) was accepted.
Hutchinson's resignation will be effective starting 15 October, 2017.
In a missive issued to the Muscat bourse, Galfar said Hutchinson was leaving the company for personal reasons.
The company has started looking for a replacement to fill the role of CFO.
Earlier this week, Galfar announced it has been awarded a $6.3m (OMR2.4m) contract to design, supply, and build a substation in Oman.
The contract for the project, located west of Muaskar Al Murtafa'a, was awarded to Galfar by a government entity.
Galfar has 21 days to complete mobilisation works for the project, which is due to be completed within a year.
Dr Hans Erlings, the chief executive officer (CEO) of Galfar, said the company expects "reasonable income" from the project.
The contractor recorded consolidated total revenues worth $397m (OMR152.9m) during the first half of 2017, a drop compared to corresponding figures for H1 2016, worth $452.5m (OMR174.2m).
Meanwhile, Galfar’s parent company recorded total revenues worth $376.6m (OMR145m) in H1 2017.
According to a statement released with Galfar's H1 2017 financials – signed by company chairman Majid Salim Said Al Fannah Al Araimi – Galfar has "been significantly affected by the delays in receiving its dues of the projects and the pressure on its payments to suppliers and subcontractors".