Premangshu Nag
Mumbai,MH
Summary
Customer-oriented General Manager with 26+ years of experience focused on increasing revenues and expanding margin. Adaptive and deadline-oriented consistently executes and completes multiple projects in high-stress environments. Meticulous leader and strategic planner with comprehensive managerial acumen, offering vision and motivational acumen.
Overview
27
27
years of professional experience
Work History
General Manager – Commercial
Adani Welspun Exploration Limited
05.2019 - Current
- Report to the MD while leading procurement, contracting, and commercial operations for flagship offshore Exploration and Production (E&P) projects.
- Drive strategic initiatives to optimize capex/opex procurement efficiency, enhance contract management, and ensure commercial success in alignment with business objectives.
- Spearhead a midsize procurement team to ensure supply security, effective contract management, vendor relations, cost and cash savings, compliance, and strategic category activities to optimize procurement performance and business outcomes.
- Partner with stakeholders to efficiently manage all pre-award activities, including issuing Expressions of Interest (EOI), conducting pre-qualification assessments, and evaluating Invitation to Bid (ITB), RFQ, and Tender packages. Address pre- and post-bid inquiries, review contracts, and finalize agreements while adhering to company contracting principles.
- Lead contract drafting, review, and negotiation for high-value agreements with clients, vendors, and subcontractors to achieve a comprehensive reduction in Total Cost of Ownership (TCO), while optimizing terms and conditions (T&Cs).
- Drive value creation and implement risk mitigation strategies that impact the profit and loss (P&L), ensuring long-term financial sustainability, and operational efficiency.
- Manage contracts for charter hire of oil rigs, offshore supply vessels, helicopter services with a heli base, geophysical and geotechnical services, concept selection study, Pre-FEED, Front-End Engineering Design (FEED) study, Field Development Plan (FDP), and Engineering Procurement Construction Installation and Commissioning (EPCIC/EPC) services.
- Oversee procurement agreements for long-lead items (casings, wellheads, liner hangers, drill bits), and other essential oilfield equipment, ensuring compliance with industry standards and company policies.
- Ensure supply chain operations align with the project execution plan, schedule, and contracting strategy, while adhering to approved budgets.
- Manage the full contract lifecycle, including variations, claims, and close-out, ensuring compliance, and efficiency.
- Conduct supplier performance reviews, and oversee ongoing management, implementing corrective actions as needed to maintain quality and alignment with project objectives.
- Steer project spending forecasts, and manage project cash flows and updates to financial forecasts. Monitor project costs against approved budgets, and track cost variances.
- Monitor project costs against approved budgets, and track cost variances.
- Deliver high-quality cost reports for executive and stakeholder review.
- Implement vendor relationship management programs and governance with key suppliers to foster innovation, drive performance, and ensure continuous improvement, including supplier scorecards. Monitor regional and global supply chain trends within the energy sector to identify opportunities and challenges.
- Interface with regulatory authorities (e.g., DGH, Customs, Excise, Taxation for various duty benefits and schemes), and ensure strong cross-functional collaboration with senior leadership and various departments (technical, commercial, tax, insurance, finance, legal) to ensure alignment with business goals.
- Lead and manage Management Information Systems (MIS), and presentations for senior leadership and stakeholders. Serve as the focal point for commercial compliance and communication with all stakeholders.
- Key Achievements:
- Independently crafted and managed the commercial department from scratch.
- Piloted project procurement and contracting activities within record time, despite challenging pandemic (COVID-19) conditions.
- Achieved on-time contract execution and mobilization of project materials/services, resulting in zero operation downtime.
- Negotiated favorable contract terms and achieved 23.73% procurement savings against the budgeted project cost.
- Lead the digitization drive of commercial documents, streamlining processes, enhancing accessibility, and improving operational efficiency.
- Crystallized long-term relationships with domestic and global vendors.
- Implemented SAP/ARIBA to drive procurement transformation, enhancing transparency, efficiency, and regulatory compliance.
General Manager – Commercial
Tulsyan Group
03.2016 - 04.2019
- Collaborated with the Chairperson to lead the expansion of commercial operations across South-East Asia and the Middle East. Identified target markets and developed go-to-market strategies to establish a strong regional footprint.
- Lead market research and opportunity mapping to identify scalable and profitable markets for the company’s offshore rig and marine asset portfolio. Aligned asset deployment with strategic growth objectives.
- Forged and leveraged key partnerships with existing and potential clients, industry players, and regional service providers. Drove collaboration initiatives to generate new business opportunities and increase market penetration.
- Monitor global offshore vessel markets to identify vessel availability, pricing trends, and emerging opportunities. Build and maintain relationships with charterers, brokers, and agents.
- Oversee the end-to-end bid process for major contracts with public and private sector energy companies (ONGC/Oil India/Halliburton/Reliance/Cairn India/IOC/Petrofac/National Oil Corporation (NOC)). Accountable for bid/no-bid decisions, bid strategy formulation, risk mitigation planning, and timely submission of compliant and competitive proposals.
- Lead commercial negotiations for Bareboat and Time Charter agreements (Barecon/BIMCO), ensuring favorable terms and conditions. Draft, review, and finalize charter party agreements in compliance with legal and operational standards.
- Ensured full compliance with local and international regulatory frameworks. Represented the company in discussions with regulatory bodies including Direct and Indirect Tax Authorities, ECB compliance boards, Insurance Underwriters, and Maritime Departments (MMD).
- Spearheaded budgets, forecasts, and cost reports. Provide regular updates to senior management on chartering status, market conditions, and contract performance.
- Built and structured high-performing teams across various commercial functions including business development, contracts, compliance, and finance. Established the operational groundwork for business activities in emerging regions.
- Directed regional strategy and operational execution. Managed current-year Profit & Loss along with mid-term strategic planning to drive sustainable growth, improve margins, and maximize return on investment.
- Key Achievements:
- Established company’s foothold with all key clients and strategic business partners in India and MENA region.
- Secured long-term contracts in offshore India, UAE & Far East generating revenue inflow of USD 29 Million despite challenging market.
- Drove the submission of compliant bids with ZERO rejection.
- Successfully etched out strategic alliance partners for deployment of Jack-up rig in offshore India and UAE.
Senior Manager – Commercial
Transocean Inc. (via Jubilant Enpro Pvt. Ltd.)
08.2007 - 03.2016
- Partnered with Country Head for managing diverse commercial function of over $1 Billion for Transocean’s India business unit.
- Led commercial team in regional business teams to marshal a mid-sized dynamic team to manage Bids & Proposal, Estimation & Cost Control, Contract Management, Client Relationship Management, and Dispute Resolution.
- Directed the proposal management to screen all enquiries EOI/RFQs/RFP/Tender of the region, plan bid strategy in conjunction with cross functional disciplines (Marketing/Operation/Legal/Finance & Accounts/Tax).
- Led Bid/No Bid recommendations, analyzed competitors’ activity, accurate bid submission as per BUPs & COPs principle of organization.
- Sustained adherence to bank/parent company guidelines, addressed pre/post bid clarifications, post submission client follow-up, negotiation and contract formation.
- Provided account leadership as single point contact and maintained high level of relationship at all levels with all strategic clients in the region to ensure revenue growth.
- Improved revenue recognition by optimizing invoicing, accounts receivable (AR) function, revenue collection within contractual framework and accelerated action on outstanding revenue.
- Key Achievements:
- Maintained compliance of bid activities in line with corporate strategy and converted opportunities into clientele.
- Effectively managed 86 rig years’ contracts (with contract day rates ranging between USD 62.5K to USD 525K) delivering USD 1 Billion+ revenue per annum and achieved over 95% revenue collection consistently.
- Reduced disputed revenue from nearly 20% to less than 2%.
- Transformed the employee efficiency boost by 20% by introducing technology into commercial function.
- Received recognition as the Star Performance Award for outstanding revenue results and customer engagement.
Manager – Commercial
Chandra Shipping
08.2006 - 08.2007
Executive – Shore Base
Arya Offshore Services Pvt Ltd.
01.2006 - 08.2006
Audit Assistant
C.Dutta & Co
07.1998 - 12.2001
Education
Post Graduate Diploma in Management - Finance
Symbiosis Management Institute
Pune01.2007
Bachelor of Commerce - Commerce
South City College of Commerce
Kolkata03-1998
Skills
Contract management
ADDITIONAL INFORMATION
- Available to relocate and travel as required.
- References available upon request.
Timeline
General Manager – Commercial
Adani Welspun Exploration Limited
05.2019 - Current
General Manager – Commercial
Tulsyan Group
03.2016 - 04.2019
Senior Manager – Commercial
Transocean Inc. (via Jubilant Enpro Pvt. Ltd.)
08.2007 - 03.2016
Manager – Commercial
Chandra Shipping
08.2006 - 08.2007
Executive – Shore Base
Arya Offshore Services Pvt Ltd.
01.2006 - 08.2006
Audit Assistant
C.Dutta & Co
07.1998 - 12.2001
Post Graduate Diploma in Management - Finance
Symbiosis Management Institute
Bachelor of Commerce - Commerce
South City College of Commerce