Offshore survey specialist Polarcus has implemented actions to streamline its operations further, following on from a $15m cost reduction plan at the end of March.
Under the latest measures, the company has reshaped its business into a more scalable hemisphere structure with its sales and marketing presence to be maintained in Houston and London as Western Hemisphere, and in Dubai and Singapore as Eastern Hemisphere.
Addtionally, the operational organisation, both onshore and offshore, has been reduced with greater flexibility embedded in order to manage the anticipated fluctuation in activity levels.
The streamlined operations will result in a 20% reduction in headcount and permanent salary reduction of 10% in base salary at senior levels with effect from October 1.
“The extent of the global economic crisis over the past three months has been profound. The further organisation changes we have made respond to the deteriorated market conditions and position the Company for the future. Based on regular conversations with our client base across the globe, I am confident that the industry will see activity levels increase through 2021. Polarcus will enter this phase as a leaner and more responsive organization with an established foundation for future success,” said Polarcus CEO Duncan Eley.