Altus Partners are delighted to be partnering with a UK based Oil and Gas firm who are searching for a COO to head up their new credit business, backed by a global hedge fund with $370million ready to be deployed in Q1 2022. This is an excellent opportunity for a fluent Hebrew Speaker to establish and grow a product offering from scratch and is the perfect opportunity for an entrepreneurial focused individual to grow out a business function.
Due to ESG concerns, we have seen traditional RBL lenders downsizing their commitment to the space with many exiting Oil and Gas financing entirely. This has resulted in a lack of capital for independent producers at a time when the Oil Majors are looking to sell assets and reinvest proceeds in more ESG friendly energy projects (i.e. wind, solar, hydrogen, carbon capture and storage). The lack of capital has resulted in spreads on typical RBLs going from L+200-300 to L+400-500, to the extent borrowers can ever maintain access to the RBL market (see Tullow Energy and their need to issue 10.25% Secured Bonds). Lenders also receive up-front fees of between 2-5%, depending on the situation.
Establishing the credit business from scratch
Building new relationships with clients, ie other oil and gas firms who require financing.
Managing relationships with both internal and external stakeholders, eg functions within Ithaca such as finance, operations etc, liaising and working closely with the JV Partner.
Preparation of new business materials, ie credit analysis, financial modelling, putting together and arrangement of term sheets, putting together legal documentation.
Working with the JV partner to approve investments at the investment committee.
Managing the portfolio of investments and interacting with clients were necessary to make amendments or alterations post deal closing.
Growing the team in the future to support growth of the business.
A minimum of 5 years of experience gained in investment banking, leveraged finance etc.
Extensive knowledge and track record of product execution.
Strong entrepreneurial mindset is critical to establish the business from scratch.
Excellent communication skills to build and maintain new relationships.
Oil and gas experience is not essential.
Educated to MBA level is preferred.
Fluency in Hebrew is required due to several LPs being Israeli.
Other European languages are desirable.