Ophir to reduce its workforce by 15%

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.
July 14, 2017

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.

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