Gulf Oil and Gas accountACCOUNT

EMGS to Reduce the Global Employee Expenses

Source: www.gulfoilandgas.com 10/12/2016, Location: Europe

Share |
Electromagnetic Geoservices ASA (EMGS) announces a reduction in the Company's cost base in line with a reduced level of activity. The Company will seek a global reduction in employee expenses of approximately 20% by using both temporary and permanent layoffs amongst others. The cost reduction measure will yield effects gradually as headcount reductions onshore and offshore are scheduled to follow a different timeline.

"The market is expected to continue to be subdued until the oil price recovers and customers increase their E&P budgets. Cost reductions and cost control will therefore continue to be important focus areas in the Company. However, we will maintain a footprint in our core markets to be able to efficiently market our services and be ready when the market turns," says Christiaan Vermeijden, CEO of EMGS.

Financials and Investment News in Norway >>

United Arab Emirates >>  8/14/2018 - Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced that the issue of its new Sukuk has been completed...
United Kingdom >>  8/13/2018 - Petrofac has secured US$300 million of new bank facilities with existing relationship banks. These new committed facilities, which will mature in 2020...

Iran >>  8/6/2018 - Iran plans to implement a new financial rescue package on Monday to try and halt the rialís decline, coinciding with the re-imposition of severe U.S. ...
Iran >>  8/5/2018 - Saudi Arabia has agreed to admit an Iranian diplomat to head an office representing Iranian interests in the kingdom, the official Iranian news agency...

Brazil >>  8/3/2018 - Petrobras reported net income of R$ 17 billion in the first half of 2018. The positive result was mainly influenced by the increase in international o...
Azerbaijan >>  8/1/2018 - The EU Member States agreed on European Commission proposal to invest Ä48.4 million in several key European energy infrastructure projects using funds...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

More News

 

Oil & Gas Companies in Norway >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.