Polarcus CEO Rod Starr has resigned after steering the Middle East seismic survey vessel owner through restructuring.
Chief operating officer Duncan Eley will replace him.
Chairman Peter Rigg said: "Rod has made a significant and transforming contribution to the company."
Starr joined in February 2015 and significantly reduced operating and overhead costs, as well as creating additional liquidity through reduced debt payments and a recent private placement of equity, the company said.
He will continue to work with the executive management team and directors for a transition period during the second quarter of 2017.
Eley has more than 18 years of experience in the seismic industry in various senior management roles and has been Polarcus COO since May 2013.
He worked with Schlumberger for 10 years supporting marine seismic operations in Europe, Africa and the Americas.
Prior to joining Polarcus in 2009, he was with a global strategy consultancy firm in the energy, transport and natural resources sectors.
The position of COO will be "eliminated to better align with current market conditions," Polarcus said.
