LNG Limited makes cuts at executive level

Liquefied Natural Gas Limited on Thursday said it is reducing headcount by 13 employees, including one consultant, based in Australia, Indonesia and the U.S.

The change leads to a reduction of three employees and one consultant in Australia, one Indonesia-based employee, and six U.S.-based employees, LNGL said in its statement.

Two additional U.S.-based employees were released from their employment in the last 45-days, the company said, adding that the 13 people had salaries (inclusive of the consultant’s fees) of approximately A$4.2 million annually.

Among those included in the reduction is David Gardner who served as joint company secretary. Kinga Doris will continue in the role as general counsel and company secretary and the company will announce arrangements to cover the duties of the joint company secretary in due course, LNGL said.

Greg Vesey, LNGL’s managing director and CEO said, “the LNG industry as a whole continues to be a difficult market, and it is apparent that we have to reduce overhead costs in certain areas.”

All affected employees will receive payments consistent with their individual employment agreements and statutory requirements, and discretionary payments commonplace in local jurisdictional practice.

These payments aggregate approximately A$2 million, of which approximately A$703,000 was paid prior to 30 June 2016, LNGL said.

1 A$ = 0.75 US$

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