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Ophir Energy cuts COO position to reduce costs

Ophir Energy
Ophir Energy has reported a pre-tax loss

Ophir Energy’s chief operating officer role is to be cut as part of the company’s cost cutting measures.

In a statement, the company confirmed that chief operating officer Dr William Higgs would be stepping down from the role, and would not be replaced.

Ophir’s chairman Bill Schrader said: “On behalf of the Board, I would like to thank Bill for his significant contribution to Ophir’s progress during his tenure.

“In particular, I would like to recognise his personal involvement in making our Salamander acquisition and integration successful. We wish him the very best in his future endeavours in which I am confident he will be successful.”

The company added that the cost cutting measure came as part of its move to create a “successful and sustainable” business at a “challenging point” in the business cycle.

Dr Higgs, who has a PhD in structural geology, was appointed to the role in September 2014.

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