Said goals encompass placement targets and the size and diversification of investments, minimum returns on investments over the life of the Fund, liquidity and cash generation requirements, cost of capital and debt to equity leverage targets and terms on approved investment holding periods and exit strategies. The primary objective of the Fund and the CEO is to maximize capital appreciation through investments business with a competitive advantage, either in specialized intellectual property or know-how, which would achieve optimal valuation upon addressing Middle Eastern (or “Regional”) opportunities in the Oil and Gas Services sector. Stewardship The CEO exercises his stewardship through the senior officers responsible for each of the major aspects of the Fund; namely the sourcing of investments consistent with the goals of the Fund and the needs of the Middle Eastern Oil and Gas sector, undertaking investments from valuation and the structuring of transactions to negotiations and closing, managing the cash and cash equivalent assets of the Fund, defining and executing of start up operations from within the Region addressing Middle Eastern and Global demand, monitoring the progress of the Fund’s investments or business operations in achieving valuation targets and realizing said targets through approved exit options within approved investment holding periods.

The senior officers of The Fund addressing the above functions and reporting to the CEO are the Chief Technical Officer (“CTO”) and the VP of Investment Sourcing, the EVP of International Business Development, the Executive Director of Middle Eastern Business Development and the Chief Financial Officer (“CFO”). Sourcing investments and evaluating technologies are the mandates of the CTO and VP of Investment Sourcing. The EVP of International Business Development will, in conjunction with the Executive Director of Middle Eastern Business Development, identify the needs of the Oil and Gas Service sector in the Region and size the addressable market opportunities as well as source projects offshore.

The execution of investments from valuation and the structuring of the transaction to negotiations and closing is the direct responsibility of the CEO. The CEO will draw support for these activities from The Fund executives and work within the guidance of the Chairman of The Fund and the Investment Committee. The EVP of International Business Development is responsible for defining and executing start up strategic and operating plans. As such, the EVP of International Business Development will staff and evaluate, subject to review by the CEO, all executive positions employed by companies funded by the Fund. The EVP will therefore regularly undertake the appropriate operations reviews of the Fund’s investments to ensure the realization of investment objectives. The structure and frequency of operation reviews and reports will be meet the requirements set by the CEO and the terms of the Fund.

The CFO will manage the cash and cash equivalent assets of the Fund under the direction of the CEO and consistence with the terms and goals of the Fund. In addition, the CFO will secure the necessary financial services to support acquisitions, interface with the Fund’s auditors, undertake and report the valuations required under the Limited Partnership Agreement to Management and Limited Partners. Sourcing Investments From a broad holistic perspective, the CTO and VP of Investment Sourcing will review and report on technical developments in the seven Oil and Gas Service sectors targeted by the Fund. Annual reports of each sector will be developed under the guidance of the CEO. The purpose of these reports will be to identify the nature and impact of individual technical trends, noting the need for these technologies globally and within the Region and the companies leading in delivering and commercializing these technologies.

Companies profiled in a Sector Technology Report will in general meet the preliminary screening criteria used for subsequent detailed investigation and evaluation. The VP of Investment Sourcing will bring to his position an extensive network of either direct industry contacts, that is contacts with executives within Oil and Gas Service companies, and or within the investment community servicing the Oil and Gas Service sector, that is executives within private equity funds, institutions or public funds actively involved with placing and or managing investments in the sector.

The CEO will define in conjunction with the VP of Investment Sourcing a program for maintaining, renewing and enhancing sourcing contacts within the targeted industry and within the investment community. As such, success performance metrics will be set by the CEO for the VP of Investment Sourcing on source contact network development and maintenance and the quality and quantity of investment opportunity submissions.

Investment Committee Involvement on the Placement of Investments Working with the CFO, the CTO and the two Fund Business Development executives, the CEO will prepare and submit a preliminary dossier on each potential investment; noting valuation and the proposed investment transaction and negotiating guidelines. The purpose of a preliminary dossier is to secure committee approval prior to initiating the negotiation and closing phase of the investment process.

The preliminary dossier will demonstrate an investment’s qualification relative to the Fund’s criteria and will offer committee members a framework to pose any queries. Subsequent to receiving approval of the preliminary dossier from the Investment Committee, the CEO will undertake the negotiations within the approved guidelines. Prior to consummating the transaction, the CEO will present the results of the negotiation and seek approval to proceed with the investment. Monthly status reports on the progress of each potential investment, regardless of where it is in the gestation process, from identification of the opportunity and the targeted company to the closing of an investment, will be submitted to the Chairman and the Investment Committee.

Business Development and Operations Reviews As part of an investment proposition, The CEO will in conjunction with the Chairman and the EVP of International Business Development will outline the Exit Strategy, inclusive of target multiples. The latter will be predicated on the Start Up and Business Plan submitted by the EVP of International Business Development. The CEO will ensure the quality and completeness of said submissions, Subsequent to the placement of an investment, the CEO will evaluate the operating plans prepared under the direction of the EVP of International Business Development by the management of the businesses financed by the Fund necessary to meet the targeted multiples. The EVP of International Business Development will outline a program of operation reviews, noting the frequency and the structure of said reviews, inclusive of the data to be submitted.

The CEO and the EVP of International Business Development will assess each investment’s progress and if required advice the Chairman of both positive and negative variances under a quarterly variance report. Execution of Exit Strategies Based on the fulfillment of exit and or divestiture criteria confirmed operationally by the EVP of International Business Development and financially by the CEO and Fund Management, the CEO will be required to submit to the Investment Committee the Exit Strategy Proposal, inclusive of guidelines and timetables to execute said strategy. The CEO is responsible for executing and reporting on divestiture activities as approved by the Investment Committee.

The CEO will submit to the Chairman and the Investment Committee monthly reports covering the state and progress of divestiture activities, inclusive of any variances encountered and recommendations. Functional Responsibilities:
1. Provide leadership to Fund Management in the sourcing of investments, the definition and submission of investment opportunities, negotiating and closing investments and managing the Fund’s investments to the achievements of the Fund’s objectives.
2. Manage the business and affairs of the Fund within the guidelines and terms set out in the Offering Memorandum and under the Limited Partnership Agreement of The Fund and as interpreted and approved by the Board.
3. Report to the Chairman on the progress of the Fund in meeting its objectives, noting variances and submitting recommendations to overcoming variances to plan.
4. Participate and direct the Investment Sourcing activities such that the number and quality of investment opportunities identified are consistent with the placement objectives of the Fund.
5. Manage The Fund resources in researching and undertaking Due Diligence activities necessary in qualifying investment opportunities under the investment criteria of the Fund, taking into consideration the effective deployment of the limited professional resources available to The Fund.
6. Direct the preparation of investment proposals (inclusive of valuation based on the assessment of the addressable business opportunity, compliance with the investment criteria of the Fund and negotiating guidelines) for approval by the Investment Committee to undertake negotiations with qualified investment opportunities.
7. Form and lead the negotiations with the companies and entities targeted by the Fund for investments and report on the progress of said negotiations and variances encountered relative to approvals to the Chairman of The Fund and the Investment Committee.
8. Direct Fund Management and Legal Counsel in closing of investment transactions consistent with the terms and structure of the investment transactions approved by the Investment Committee.
9. Evaluate and approve Business Development Plans, which set out the business and operating plans required, inclusive of the staffing and evaluation of management, to address and realize confirmed market opportunities and in turn the objectives of the Fund as configured for the associated investment.
10. Evaluate proposed Operation Review Plans, inclusive of frequency of reviews and reporting requirements necessary to evaluate the progress of investments to the objectives set, identify variances to plan and assess recommendations to right variances.
11. Assess and evaluate supporting financial programs, such as debt financing, necessary in addition to the investments undertaken by the Fund in order to achieve cost of capital requirements, expansion plans and or to deal with variances encountered.
12. Overview the frequency of, methodologies employed and the results of valuations undertaken by the Chief Financial Officer of The Fund investments and ensure compliance in such matters with The Fund Offering Memorandum and Limited Partnership Agreement.
13. Define and propose Exit Strategies to the Investment Committee such that said exits are compliant with the objectives of the Fund and the Fund’s divesting criteria … and execute exit strategies consistent with the approvals given.
14. Oversee the management of the Fund’s cash and cash equivalent assets by the Chief Financial Officer in minimizing any real depreciation in value of these assets and limiting the drag on the Fund’s investments in meeting its objectives and multiple targets.

Performance Targets: The CEO is responsible for delivering different sets of performance targets through the 10 year term of the Fund. Two sets of targets are required as they reflect the two stages through which the Fund will evolve. The first stage of the Fund or the Placement Period covers the early years of the Fund or the first 3 years wherein the Fund will place the Fund’s principal.

The second stage or the Management period reflects the management of the investments through to the realization of the Fund’s objectives inclusive of the execution of exit strategies Placement Period Targets
1. Identify and deliver the level of investment opportunities required to achieve placement objectives.
2. Place 25% ($125M) of the Fund’s Capital in Year 1 and an additional 35% ($175M) in Year 2.
3. Ensure the 25% diversification constraint by limiting placements in a sector to 25% of the Fund or $125M.
4. Ensure that the range of investments falls between $25M and $75M with an average of $40M to $50M … which requires a placement rate of 2 to 3 investments in Year 1 and 3 to 4 in Year 2.
5. Ensure that the Fund does not address more than 5 sub sectors at any one time.
6. Maintain no less than 10% of the un-invested Initial Investment & Called Capital in Cash and Cash Equivalent Assets. With the placement of the first investments, the CEO will be responsible for the following performance reflective of the Management of the Fund’s Investments.

Investment Management Period Targets
1. Investments made in business with a competitive advantage, either in specialized intellectual property or know-how, which would achieve optimal valuation upon addressing Regional opportunities.
2. Ensure a minimum return of 50% over the life of each investment.
3. Ensure that weighted cash generation from the Investment Portfolio is positive and no less than 6%.
4. Maintain a weighted EBITDA to revenues generated at over 8% to ensure minimum overall profitability.
5. Maintain a weighted cost of capital at no more than 10% and a weighted debt to equity ratio below 50%
6. Target positive cash generation in no more than 24 months where the start up criteria applies.
7. Avoid churn and limit divestments on holds of less than 3 Years by requiring a minimum multiple of 1.5 on exit valuations over the initial investment valuation.
8. Structure and manage investments such that if the likelihood of a minimum capital retention of 80% upon divestment is avoided to the best of management’s ability.

Direct Reporting Officers:
► EVP of International Business Development
► The Executive Director of Middle Eastern Business Development
► The CTO and VP of Investment Sourcing
► Chief Financial Officer (CFO)

Performance Evaluation: CEO performance will be evaluated based on the metrics or the results set above and meeting those results within or better than budget. These metrics or results and their timelines will be agreed upon the closing of the Fund and the commencement of operations.

During the first 12 months, a number of the metrics may not be applicable as the company organizes itself to ramp up. As such, interim performance metrics will be assigned. Performance metrics (or targets) and evaluation will be undertaken on a quarterly basis for the purposes of mid term correction. A full performance evaluation will be undertaken on an annual basis.

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They are currently looking to replace their highly successful President. The ideal candidate will have previous experience; having been a proven leader in at least one other public Oil and Gas company. They are looking for a person that is passionate about the junior public market.

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The position you are viewing is listed on www.prominent-personnel.ca. You may create a profile there and apply for open positions for which you are qualified. You may indicated in the referral box that you saw the position on oilandgasworldjobs.com. Ensure that the position you are viewing is not in the filled positions section and verify that it is still available on the Prominent Personnel site. Prominent is a client of Oil and Gas World Jobs.

You are also welcome to create a profile on this site which serves all companies, not only Prominent Personnel. Employers can view your profile and you can save jobs there.