Catalist-listed SBI Offshore announced the departure of its Chief Executive Officer Chan Lai Thong, sending its shares down by as much as 7.5 percent.
SBI Offshore did not disclose the reason for Chan's departure except that his service agreement was not renewed.
Chan, who joined the company in 2009 as an independent director, took over as CEO in March 2016. Prior to joining SBI Offshore, he had worked at senior positions at Keppel and Arab Emirates-based Al Bawardi Group.
The company is looking for a suitable replacement and will make the appointment in due course, it said in a statement late on Monday.
SBI Offshore is an integrated drilling and engineering solutions provider for the oil and gas industry.
At 0430 GMT, the company's shares were down 7.6 percent at S$0.085. The stock has lost 10 percent so far this year.
