OLOG under investigation by US SEC
Associated Press
Offshore Names New CFO in Wake of Probe
05.17.2005, 06:43 PM
Offshore Logistics Inc. on Tuesday named a new chief financial officer as the Securities and Exchange Commission continues to investigate accounting matters at the helicopter transportation company's foreign operations.
The company named Transocean Inc. executive Brian C. Voegele as its new chief financial officer. Voegele, who was a vice president of corporate planning and development at Transocean, will begin his new job effective June 1.
The appointment comes less than a month after former CFO H. Eddy Dupuis resigned from the company after it was disclosed that the SEC would probe its foreign operations. Also leaving the company was Drury A. Milke, an executive vice president who headed its Air Logistics affiliate.
Offshore in February disclosed that its audit committee had hired outside counsel to review payments made by two affiliated entities of the company in a foreign country. The review has been expanded to cover operations in other countries, according to a documentation filed with the SEC for the quarterly period ending Dec. 31, 2004.
Offshore Logistics voluntarily advised the SEC of its audit findings, and the SEC has notified the company that an informal inquiry is under way.
The company services most oil and gas producing regions including the Gulf of Mexico, Alaska, the North Sea, Africa, Mexico, South America, Australia, Egypt, Nigeria and the Far East.
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