Ophir Energy PLC plans to cut half of the corporate roles in its London office and half of its expatriate positions, representing around 15% of the firm's global workforce.
The moves, a response to “limited signs of an oil price recovery and of lower exploration activity,” are estimated to result in annual cost savings of $10-12 million after one-off restructuring costs of $7 million, the firm said.
Ophir added that it will retain all competencies essential to its core projects, including the remaining workstreams required to secure a final investment decision on its Fortuna FLNG project off Equatorial Guinea, to undertake the expansion of its Asian production base, and to operate its exploration portfolio.