Ophir Energy removes COO citing cost reduction measures
Oil company Ophir Energy has decided to reduce its staff at the company’s London head office.
Ophir said last Friday that the company was further reducing the running costs of the business by implementing staff reductions in order to deliver a successful and sustainable business at a challenging point in the business cycle.
As a consequence, William “Bill” Higgs will be stepping down from his role as the chief operating officer and executive director.
The company has no plans to appoint another chief operating officer or executive director.
Bill Schrader, chairman of Ophir, said: “On behalf of the board, I would like to thank Bill for his significant contribution to Ophir’s progress during his tenure.
“In particular, I would like to recognize his personal involvement in making our Salamander acquisition and integration successful. We wish him the very best in his future endeavors in which I am confident he will be successful.”
To remind, Ophir in 2014 bought Salamander Energy, an Asia-focused independent exploration & production company with assets in Indonesia and Thailand, in an all-share transaction which valued Salamander at £314 million ($492.3 million at the time).