Sector News

Noreco Norway to reduce headcount by 50%

July 1, 2015
News
Noreco Norway has confirmed it will reduce its headcount by half.
 
The firm, which is a subsidiary of Norwegian Energy Company ASA, said the move was necessary to align the organisation and cost base with the activities going forward.
 
The news comes on the same day the firm announced a divestment worth £17million (NOK210million).
 
Staff numbers will be reduced by 50% – from 30 to 15.
 
A company spokesperson said: “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.”
 
The reduction is in line with earlier announcements to limit capital commitments overall, including exploration activities.
 
By Rita Brown
 
Source: Energy Voice

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

Send this to a friend