Prosafe SE: Reorganisation and rationalisation program
(Thomson Reuters ONE) -
As part of its cost efficiency measures reported in connection with the
company's Q1 2016 report, Prosafe is implementing a reorganisation of the
group's shore-based business resulting in a leaner organisation, a smaller and
partly changed group management team and a rationalisation program across its
workforce.
Governed from the head office in Cyprus, the new organisational model of the
group is based on the principle of a lean line organisation focusing on the core
business of safe and efficient management of the fleet.
As part of this change, Robin Laird, current deputy Chief Executive Officer,
will assume the position as acting Chief Financial Officer, while Stig H.
Christiansen continues as acting Chief Executive Officer. As stated in the press
release from 27 April 2016, the Board of Directors will in due course start a
recruitment process for a new permanent CEO evaluating both internal and
external candidates for the position.
The rationalisation is necessary to ensure that the Prosafe group remains
competitive in the current difficult market conditions and in a solid position
for future growth when the industry starts to recover. The proposed work-force
rationalisation is ongoing and will occur gradually throughout the remainder of
2016. The rationalisation program includes a substantial head-count reduction
across the group.
The Group's target is to reduce annual costs by at least USD 30 to 40 million.
This should start to show effect from Q3 and gradually throughout the second
half of 2016 as the rationalisation program takes effect and capacity is
adjusted to a falling activity level. In addition, the target is also to reduce
capex spend noticeably in the near and medium term to protect the financial
position. Further updates will be provided as part of the Q2 2016 report late
August.
Prosafe is the world's leading owner and operator of semi-submersible
accommodation vessels. The company operates globally and is headquartered in
Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code
PRS. For more information, please refer to www.prosafe.com
Larnaca, 26 July 2016
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:
Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 478 07 813
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Prosafe SE via GlobeNewswire
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