Statoil is stepping up its cost control measures by merging some business units and giving its new chief operating officer more responsibilities. The Norwegian state oil major, which has cut staff and pared back spending, is aiming “to become a more cost efficient and fit for the future organisation” through Thursday’s announced adjustments.
Statoil is consolidating its operations in the Norwegian and Barents seas into one business unit, operations north.
“The activities at the various office locations will continue like before, and the management team will be spread on the respective locations,” Statoil said.
“By combining the expert communities in both regions, the goal is to capture synergies, cost savings, and deepen our position for future business opportunities.”
The company is also merging its technical excellence and research, development & innovation wings into a new research & technology unit for the technology, projects and drilling space.
“In addition the project development process will be simplified,” it continued.
“The current project organisation will be merged with field development in development & production Norway, development & production international and marketing, midstream & processing and renamed project development.
“This unit will take on full ownership to the totality of project development.”
Also, chief operating officer Anders Opedal, appointed in March, will take over responsibilities for safety and security, analysis of operational efficiency, operational improvement projects, management system and operational efficiency
Today Statoil announces adjustments to the company’s structure and operating model. The aim is to become a more cost efficient and fit for the future organisation.
“The changes will be fully detailed in the business areas between now and end of October. The new organisation (where there are structural changes) will be fully operational towards the end of the year,” Statoil said.
We are so grateful you are here to keep us safe from our doomed investment.........Please tell us what you think we would be worth a share if put on market today? We have come through a massive market crash, and still have 100% of a biggggggggggggggg field.........
i have no problem with shorting, good luck to you if you are ...it is legal, but the way you are doing it by fear is not on
I don`t " advise" anyone to do anything, I merely find it interesting to watch on the sidelines a company in distress and followers being unable to admit it. It is valuable experience too, watching punters ramping for 5 years about a co. losing 90 odd % fall in its sp is fascinating, unlike them I don`t abuse or condemn dissenters , the company has done that to them anyway. It`s also a bit like watching an investment based crime thriller, as the baddies come and go, in some cases threatening retribution, getting banned for lying ramping, and of course the obvious ones who have large egos they need to polish , and are afraid to admit the awful mistake they made a few years back. All in all a good read
are you expecting us to take your word over the website ? i'm not being argumentative but if you could either cut and paste the statement you have read or at least tell us where it is printed you would have a case........but you haven't
I didn`t print their salaries what is more important is what they COST the company, as there was no income , PI `s de facto paid that cost from the share capital. ergo on average the three directors cost £ 500kn each in 2014, you can wriggle and obfuscate all you want , the facts are in the accounts.. The quarterly figs you mentioned are irrelevant and unaudited. .
During the three month period ended 31 March 2015, each of Rupert E. Cole, Andrew J. Fairclough and Stephen A. Kew were executive directors of XEL (the “Executive Directors”). The Executive Directors have received remuneration, details of which are given below: ￼￼￼￼￼Wages and salaries Social security costs 3 months ended 3 months ended 31 March 2015 31 March 2014 (unaudited) (unaudited and restated) US$’000s US$’000s 291 311 38 42 329 353 ￼￼￼￼￼￼￼￼￼￼￼￼￼In addition to the above, during the three month period ended 31 March 2015, the Group paid to Timothy Jones, Gregory Moroney, Scott Cochlan and Henry Wilson in their capacity as Non-Executive Directors of the Company fees of £20,000, £11,250, £11,250 £11,250 respectively (US$30,444, US$17,294, US$17,245 and US$17,294 respectively). The comparatives in respect of Roger Ramshaw, Gregory Moroney, Scott
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.