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AWE Limited

Markets

AWE Limited sales revenues drop by 27%

AWE Limited said its sale revenues fell by 27% in the third quarter of the year compared to second quarter results. The company also said it had put in place an oil price hedging program to underpin cash flow next year. There was a net debt of $156million, comprising cash of $54million and drawn debt of $210million.

People

AWE Limited chief exec to step down next year

AWE Limited’s chief executive will step down next year after more than five years in the top job with the company. The firm said a new search has already begun to find Bruce Clement’s successor to the role. Chairman of the firm Bruce Phillips paid tribute to Clement for his leadership in “reshaping” the company into a more “diversified oil and gas producer”.