Ophir in cost-cutting mode, COO steps down

London-based Ophir Energy, the developer of the Fortuna FLNG project in Equatorial Guinea, said Monday its current chief operating officer William Higgs will be stepping down due to the company’s cost reduction measures.

The company has no plans to appoint another chief operating officer or executive director.

“In accordance with its firm commitment to deliver a successful and sustainable business at this challenging point in the business cycle, the board of Ophir is further reducing the running costs of the business by implementing staff reductions at the London head office,” it said in a statement.

“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 recognise his personal involvement in making our Salamander acquisition and integration successful,” said Bill Schrader, Chairman of Ophir.