New CEO for Neptune

Perth-based subsea engineering services provider Neptune Marine Services has appointed Robin King as CEO of the company.

Mr King was Neptune's Acting CEO from November 2010 and has had almost 30 years experience in the international oil and gas industry.

He was most recently the CEO of Technip Subsea 7 Asia Pacific before joining Neptune in September of 2010.

Neptune chairman Ross Kennan said Mr King's extensive experience and knowledge of the international oil and gas industry has been pivotal in Neptune's restructuring efforts, which includes a $65 million capital raising, completed in March.

"Robin's dedication to the company and the significant progress that he has achieved in delivering on our turnaround strategy has left Neptune better placed to deliver on its primary objective of restoring profitability and shareholder value," Mr Kennan said.

Pursuant to his employment agreement, Mr King will receive a fixed annual remuneration of $550,000 plus super and 8,000,000 unlisted performance rights as a sign-on incentive.

He will be granted a short-term incentive award in the form of a cash bonus of up to 50 per cent of the value of fixed remuneration, depending on the successful achievement of KPI's.

Mr King shall also receive a long-term incentive award in the form of unlisted performance rights for no consideration.