Noreco Norway announces redundancies
Stavanger 1 July 2015: Noreco Norway AS (“Noreco Norway” or the “Company”), a subsidiary of Norwegian Energy Company ASA, announces significant redundancies, as part of an overall cost reduction plan.
As previously announced the Company is seeking to limit capital commitments over all and exploration activities in particular. Significant reduction in staff and costs is necessary to align the organisation and cost base with the activities of the Company going forward.
The number of employees will be reduced from the current 30 by approximately 50 per cent.
The cost cutting initiatives will result in a minimum of 50 per cent reduction in the G&A monthly run rate compared to the beginning of the year.
Contact:
Tommy Sundt, CEO. Tel.: +47 992 83 900
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
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About Noreco Norway AS
Noreco Norway AS was established in May 2004 and is a subsidiary controlled by the ultimate parent company Norwegian Energy Company ASA (“Noreco”), which is listed on the Oslo Stock Exchange with the ticker NOR. Noreco Norway AS is the issuer of the listed bond NOR06.