Wooles takes Imdex chair

Drilling services company Imdex has continued to refresh its board, with corporate adviser and company director Anthony Wooles recruited to replace long-serving chairman Ross Kelly.

Mr Wooles will be the third new director in the space of 12 months, as Imdex seeks to lift its performance after being hit by the resources sector slowdown.

He is currently chairman of private equity-backed Bhagwan Marine and of ASX-listed High Peak Royalties.

Mr Wooles’ past experience includes being founder of PearlStreet, a major provider of non-destructive testing and metallurgical inspection services.

He will become chair on July 1, while Mr Kelly will be retiring after 12 years at Imdex.

In December last year, US-based investor James Hegyi, whose company Iron Compass LLC holds a substantial stake in Imdex, joined the board as a non-executive director.

That was five months after Perth-based technology commercialisation expert Ivan Gustavino joined the board.

Led by long-serving managing director Bernie Ridgeway, Imdex incurred a loss in the half year to December 2015, and has responded by looking to sell its interests in the oil and gas sector.

These include its subsidiary AMC Oil & Gas and a 30 per cent stake in Vaughn Energy Services.

Its larger minerals division, which includes the AMC Minerals and REFLEX businesses, lifted earnings.

The company said this supported its strategy of investing in technology development to maintain its competitive advantage.