AQUAMARINE Power has recruited a veteran of the oil and gas industry to succeed Martin McAdam as chief executive of the firm, which is developing a technology to generate power from waves.

The Edinburgh-based company said John Malcolm will start work in his new role on 15 October, when Mr McAdam will step down after six and half years in post.

Mr Malcolm, who became a non-executive director of Aquamarine in May last year, gained 25 years' experience of the oil and gas business at Royal Dutch Shell.

He was managing director of the Petroleum Development Oman operation from 2002 to 2010 and ran the Al Furat Petroleum joint venture in Syria from 1999 to 2002.

Mr Malcolm said he was taking charge at Aquamarine Power at a very exciting time. The company is testing its Oyster 800 device at the European Marine Energy Centre off Orkney.

"The machine has already clocked up 60,000 operational hours and has demonstrated its survivability in all conditions through three winters," noted Mr Malcolm in a statement.

He said Aquamarine was well funded with a very clear plan to progress the technology.

A spokesman for Aqauamarine said Mr McAdam's decision to stand down had been entirely his own.

In the statement Mr McAdam said: "The last six and a half years at Aquamarine Power have been amongst the most challenging and rewarding of my professional career. Every leading business must go through a process of renewal and I feel now is a suitable point to hand the baton into John's very experienced and capable hands."