Dubai-based seismic specialist Polarcus has announced further cost cuttings as it comes to grips with the hostile business environment in the oil and gas sector.
An additional 15 employees exit the company, all office staff including some executive management positions, with a projected cost saving of $7m excluding one-off restructuring costs. Those to go include CFO Tom Henrik Sundby and senior VP Human Resources Paul Hanna, together with a number of other executive management positions. Hans-Peter Burlid has been promoted internally to the position of CFO.
Rod Starr, CEO of Polarcus, commented: “Firstly, I want to thank all those employees departing the company for all their hard work and dedication. It is always a difficult decision to see the departure of high-quality employees, but the current market environment requires us to continuously review and adjust our cost structure.”
Polarcus has recently finished a major financial restructuring and since 2014 has implemented cost saving measures leading to personnel reductions that now total 26%.