Critical Control Announces Restructuring and Cost Reduction
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 09/03/15 -- Critical Control Energy Services Corp. ("Critical Control" or "the Corporation") (TSX: CCZ) announced that it is restructuring its North American operations, which span across the United States and Canada, to further reduce administrative costs and, where appropriate, integrate its product offerings.
"In response to the state of the oil and gas industry in North America and as a natural evolution of our business, we are proceeding to streamline our organization into a more cohesive integrated company, capable of not only weathering the current environment, but to take advantage of the opportunities it provides us," said Alykhan Mamdani, President and CEO of CriticalControl. "Management is confident in the strength of our team and are optimistic that by combining our US and Canadian operations we will be able to accelerate our strategic growth."
The new organization will be led by a single management team comprising of operating leads from each geographic region reporting to Karim Punja, our current Vice President Operations in Canada who will become Vice President Operations for the entire organization.
As a consequence of the restructuring, Brenton Lawther, President of GAS Analytical, the Corporation's wholly owned US subsidiary will be leaving Critical Control. Additionally, Chann Underwood, Vice President of Measurement Services for GAS Analytical will be retiring by the end of 2015.
As a result of these changes in management, associated staff and the integration of product offerings, the Corporation is expecting to take a charge of $0.8 million to $0.9 million in the third quarter of 2015. The changes are expected to result in a cost reduction of $1.5 million annually once fully implemented by the end of 2015.
Forward-Looking Statements
Management's plans to restructure the organization, the costs of the reorganization and the estimated benefits to the Corporation are forward looking statements. Restructuring plans take time to implement, and as new information becomes available during implementation, delays or reasons to abandon such implementation may occur. The costs of the implementation of the reorganization are based on current estimates, timing and further information may reduce or increase such costs. The benefits of the reorganization are based on the implementation of the full plan, which may be adjusted or delayed based on new information arising during the course of the implementation.
About Critical Control
Critical Control provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud-based software to visualize and manage it and the business intelligence to make quicker and more informed operational decisions.
Contacts:
Critical Control Energy Services Corp.
Alykhan Mamdani
President & CEO
(403) 705-7500
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Datum: 03.09.2015 - 12:00 Uhr
Sprache: Deutsch
News-ID 417844
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contact information:
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CALGARY, ALBERTA
Kategorie:
Software
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