Sector News

Atlantic Petroleum today announces that the Company will re-locate its finance function to Bergen and close down the Torshavn office. In connection with this re-location the Company’s CFO Mourits Joensen will leave the Company with immediate effect and Nigel Thorpe, currently Business Development Director, will become Interim CFO. The transfer of the finance function will be fully implemented by the end of the second quarter.

 

Ben Arabo, CEO, said:

 

“We are responding to the challenging business environment by cutting costs in all areas of operation. The Company will become more efficient and robust as a result of the changes. I would like to thank Mourits Joensen for his efforts over the years and wish him good luck in his future endeavours.”

 

Birgir Durhuus, Chairman of the Board, said:

 

“Closing the Torshavn office was a difficult decision for us as a Faroese company, but it is a necessary response to the current severe industry environment and the lack of remaining upstream potential in Faroese waters in the short term.”

 

Source: OilVoice