North Sea

North Sea

Taqa reports progress on on cost-cutting

14/08/2015

North Sea oil producer Taqa said yesterday it was on course for annual savings of more than £260million after shedding 22% of its global workforce. It also reported higher profits from the UK North Sea after a boost from fiscal changes aimed at reducing the burden of taxation on operators and encouraging investment Grant Gillon, the Middle East firm’s new chief financial officer, said a transformational programme put in motion against a “challenging” backdrop of lower oil prices was achieving results. The Scottish engineering graduate also said Taqa’s financial position was strong after a recent refinancing of £2billion of existing credit facilities on improved terms.

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