Erik Aasterud Email & Phone Number

Aberdeen, GB

Peterhead, Scotland, United Kingdom

Aberdeen, Scotland, United Kingdom

• FP&A leader for both the Oilfield & Industrial Chemicals and Artificial Lift businesses in Europe and Caspian. Financial responsibilities include financial planning & analysis, controllership (revenue recognition.
• Driving standardized reports and processes into both PL’s to increase finance team breadth and bring both teams together on similar ground.
• Continued cash focus driving consolidated invoice and collections. Pushing new inventory managers to identify inventory risks and push aged item reductions.
• Teaming with operational leaders to control cost in rentals, travel, & contractors to drive margin improvement and help managers to be more attuned of their spend.

Aberdeen, Scotland, United Kingdom

• FP&A manager for the Oilfield & Industrial Chemicals business in the Europe and Caspian region. Financial responsibilities include financial planning & analysis, controllership (revenue recognition, balance sheet.
• Driving 6.5% aggregate sales growth across the region 2020-23 by driving upsells and new tender wins as well as pushing account managers to focus customers on our strengths and how they benefit them.
• Worked through 10% inflation in 2021-22 by driving price, changing products, and pushing for robust commercial offers and pricing. Transitioned 2023 supply chain strategic change to minimize and then improve cost impact.
• Standardized planning, pacing, and reporting to help focus account managers on execution and margin improvement.
• Cash focus: Worked with materials team to improve inventory turns and reduce obsolescence risk. Maintained linear billing & collections and maintaining past due invoices older than 45 days below $50k.

Aberdeen, United Kingdom

• Lead the overall functional design and deployment of Oracle ERP, Hyperion Reporting, chart of accounts improvements throughout the division ($3B business). Managed projects to improve system reporting and drive.
• Derived and Executed plan bringing division now above 90% coverage of strategic ERP and standardizing reporting in all ledgers. Projects running under budget ($1MM) and on time.
• Managed changes within OFE related to GE Separation and the move to new systems (Collections, Purchasing, ERP changes, Legal Entity changes, Intercompany Billing).
• OFE expert on new entities and the ERP / ledger and process required to support its new operations and consolidated reporting. Derived standard set ups and cost based on the newly contracted scope; supporting new moves.
• Completed the OFE entity & operational separation in preparation for the BHGE JV managing 44 entities and 12 business operations with $143M volume.
• Supported the controllership team in fixing accounting errors and system use by driving process and accountability: corrected a $35M fixed assets error, cleared $50M supplier advances, and reduced manual journals in UK.

Aberdeen, United Kingdom

• Finance Manager for the Subsea Systems oil & gas global service operations in excess of $750 million. Led a team of 10 direct and 10 indirect reports. Financial responsibilities include both income statement and.
• Expanded organic volume 12% and margins by 6 points or 20% (CAGR 12-15) by adding operational measures into monthly regional reports, pushing price and cost efficiency.
• Created commercial standards to improve price planning and control terms and conditions to reduce “as sold” margin erosion by 3 points.
• Integrated eight regional finance teams to standardize reporting and link regions to local and global strategies, reducing headcount needs.
• Transformed business to add focus on customer on time delivery & execution, cash forecasting with committed collection targets, realizing cost reduction $20M YoY.
• Integrated one external acquisition (Advantec); worked two other diligences

Stavanger, Norway

• Finance Manager of the Nordic & Russia / Caspian Regions for D & P Services (Vetco Gray). The role directs a team of 9. Financial responsibilities include P&L and balance sheet analysis for operations within the Nordic.
• Grew the business 30% to $200M Revenue by linking financial forecasts to shop orders and customer jobs to focus and throughput for on time delivery.
• Executed action plan as interim regional GM & Finance Manager to improve Statoil commitments and customer satisfaction.
• Restructured finance team to add forecasting focus by replacing manual with semi-automated SAP reports, reducing monthly closing workload by 20 man-hours.

Salzbergen, Germany

• Manager, Financial Planning & Analysis, GE Wind Energy Europe Sep 2007 – Jun 2010 Salzbergen, GermanyFinance Manager within GE Wind Europe consisting of 15 separate entities with a combined turnover $0.7 - $1B. The.
• Drove annual operating budgets comprising of a total $1B in sales and $100M+ operating margin and $2B in cash collections and disbursements.
• Initiated monthly functional budget reports to give 21 functional managers better insight into their operating costs and deviations to plan.
• Improved the weekly management finance report to include operational metrics that allowed managers to connect operational actions with financial (P&L and balance sheet) and cash results.

Salzbergen, Germany

• Finance Manager, European Projects, GE Wind Energy Oct 2004 – Aug 2007 Salzbergen, GermanyOperational finance manager of GE Wind Europe projects with a team of 3 responsible for planning project sales and margins, cash.
• Supported execution of 120+ projects including 1,200+ turbines (2GW) & directed collection team in recovering 20M+ Euros in aged invoices.
• Created the project budget process to give project managers better budget and cost insight that allowed execution improvement yielding 3+ points to margins.
• Led the Project Finance / Accounting section of the Oracle ERP Team for an on time implementation in both Germany and Spain.

Europe & Americas

Associate Auditor, Corporate Audit Staff Aug 2002 – Sep 2004 Europe, Brazil, USAuditor within a 300 person corporate team responsible for ensuring financial and SOX compliance globally within the General Electric Company and its affiliates.

Newark, Ohio, USA

Certified Six Sigma Black Belt, GE Quartz Apr 2000 – Jul 2002 Columbus, OH, USAResponsible for delivering an annual savings of $400k to the quartz crucible line production through process and quality improvements. Annual production 100k units or $95M turnover.

Ravenna, Ohio, USA

Process Engineer and team leader for 3rd shift HID Lamp plant. Responsible for managing and scheduling 7 production lines, 110 employees to ensure daily fulfillment of roughly 20 - 30 thousand lamps.

Vilseck, Germany

Armor officer in combat units on base and deployed. Responsible for units sized from 16 to 75, $10M+ in equipment, unit and soldier readiness and welfare.

Mba, Finance, Int'L Business

Evening MBA Program

Bachelor Of Science, German & Russian

Activities and Societies: Cross Country Ski TeamGraduated Dean's List (top 10%) Active in the Nordic Ski and Paintball Clubs