PA Resources cutting staff, closing office in London

Swedish oil company PA Resources is trimming its staff in order to reduce cost following the board’s decision announced on November 17, 2015 to sell all of PA Resources’ assets.

The company on Monday said its cost reduction efforts would entail several organisational and management changes.

The company’s London office, which is tasked with the management of the North Sea assets and group exploration activities, will close at the end of 2015, and all the staff relating to these activities will leave the company. The corporate headquarters in Stockholm will remain but with reduced manpower to manage the completion of the sales process and handle the administration, PA Resources said.

Kevin McGrory, General Counsel, and Graham Goffey, SVP for Exploration and MD for the North Sea and West Africa, whose employment ends at the end of 2015 have been retained, together with a number of other key staff, as consultants to support the sales process.

At PA Resources’ Stockholm office, Slimane Bouabbane, VP Business Development, will leave his position during the first quarter of 2016, and Urban Adolfson, acting CFO, will leave the company on the 11 March 2016 to take up a position at another company. Mark McAllister, CEO, and Paul Elstone, MD of PA Resources in Tunisia, will remain in their positions.

To remind, in April 2015, PA Resources AB’s board of directors initiated a review of the company’s strategic options with regards to the company’s future. The main options explored were: the availability of long-term financing for the group, a corporate transaction/M&A or a sale of assets or subsidiaries.

The review process reached its conclusion, with the board of directors discovering no viable alternatives with regards to long-term financing or M&A, leaving the third alternative, a sale of its assets and subsidiaries, as the company’s remaining option.

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply