Mermaid Maritime lets Subsea Group regional director go

  • Business & Finance

Mermaid Maritime, the Thailand-based subsea and offshore drilling services company, announced the termination of employment for Peter Reichlmeier, Subsea Group Regional Director, Eastern Hemisphere, on Monday, November 16.

Peter Reichlmeier was responsible for management of day-to-day operations of the subsea services business of the Mermaid Group in the Asia Pacific region.

He was one of the co-founders of Seascape Surveys Pte. Ltd. and PT Seascape Surveys Indonesia which were both incorporated in 2004 and 2005 respectively and acquired by the Mermaid Maritime in 2008.

The company stated that the cessation was due to internal restructuring which was previously announced in the 3Q report. By initiating a reduction in its global permanent workforce by at least 15%, the company hopes to achieve savings of approximately $6 million by end of 2016.

The 3Q report also said that these reductions would include the release of the company’s operations teams in its offshore drilling division, but with plans for re-activation in the event of future contract award, and reduction in subsea operations staffing in the Singapore and Abu Dhabi offices with functions transferred to other offices within the region.

Prior to this announcement, the Mermaid Drilling division announced the termination of employment for the company’s operations manager, Allen Breal on November 10, with whom an agreement was made to support the company on a project-to-project basis.

Offshore Energy Today Staff

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