Guilio Bozzini, chief financial and strategy officer at struggling oil and gas contractor Saipem, will leave his post on 15 October this year.

According to a statement by the Italian firm, Bozzini is leaving the company to “pursue other professional experiences”.

“Saipem thanks Bozzini for the work done and for the positive contribution [gained from] his experience and competences,” it added, noting the name of his successor will be announced on completion of the selection process already commenced by the company.

READ: Italian contractor Saipem posts loss of $2.4m in Q1 2018

The process “aims to ensure a fluid and efficient transition as well as an adequate transfer of responsibilities”.

Complying with instructions for the Rules of the Market of Borsa Italiana (the Italian stock exchange), Saipem announced in the statement that Giulio Bozzini holds no shares in the company.

The news comes amid somewhat of a challenging year for the Italian firm. In May, Saipem’s shareholders voted to use capital reserves and retained earnings to cover a massive $593m loss.

READ: Saipem to pay off $593m loss with cash reserves

Two months later in July, it slipped further into the red in the first half of 2018, despite significant contracts won by the oil and gas contractor’s offshore engineering and construction business in Q2 2018.

Adjusted operating profit, a healthier reflection of corporate health than net income, in the group’s offshore engineering and construction business stood at $122.8m in Q2 this year – a 17.3% drop on last year's $148.5m.