Shares of Barrow-in-Furness international marine engineering company James Fisher and Sons plc rose about 8% on Friday after the firm announced that former Smiths Group, Expro and Schlumberger executive Jean Vernet has been appointed is chief executive officer.

Vernet will take up this position on September 5, 2022, at which point Eoghan O’Lionaird will step down from his position on the board and his role as CEO.

O’Lionaird will remain employed by James Fisher until June 13, 2023, to ensure a smooth transition.

“Jean has considerable experience working in the offshore energy sector in both the UK and around the world,” said James Fisher.

“Most recently, Jean was chief executive officer of Smiths Group’s largest division, John Crane, where he drove a highly effective growth strategy in a business that operates in over 50 countries.

“He has an engineering degree and spent a decade in various financial and market facing roles with energy services business, Schlumberger.

“His experience also includes five years as chief financial officer of Expro, the offshore energy services provider, during which he played a key role in its successful turnaround.”

James Fisher chair Angus Cockburn said: “I am delighted to welcome Jean to James Fisher.

“He is an internationally experienced business leader with extensive energy sector knowledge.

“He is ideally suited to turning the business around and leading it through the current challenging backdrop and then to position the group to capture the medium to long term growth opportunities available.”