Prosafe has set a target to reduce its annual costs by at least $30m to $40m through reducing its workforce.
The Cypriot floatel owner did not reveal how many jobs would be lost but said its rationalisation programme includes “a substantial head-count reduction across the group”.
Attempts to reach acting chief executive Stig H Christiansen were unsuccessful this morning.
This is part of the company’s wider restructuring plan which will also see current deputy chief executive Robin Laird assume the position of acting chief financial officer (CFO).
Christiansen will continue as acting chief executive until the company completes the recruiting process for a new permanent boss.
Prosafe said its $30m to $40m cost reduction target should start to show effect from the third quarter.
It also plans to reduce capex spend noticeably in the near and medium term to protect its financial position, while it has already completed a share issue to boost liquidity.
Prosafe explained the rationalisation is necessary to ensure that the group remains competitive in the current difficult market conditions and in a solid position for growth when the industry recovers.
