Premier Oil has cut its operating costs by 30% as a challenging marketplace sees its turnover slide. The firm reported total revenues for the first half of the year topped out at $580million – down from last year’s $885million. The dip triggered Premier to cut its operating costs by 30% - down to $150million. The company credited the sale of the “high cost Scott area in the UK” for the part of the savings.
Cairn Energy has made reductions to its staff cutting 40% of its headcount in both full-time employees and contractors. The company made the announcement in a pre-close update in which it said its 2015 focus would be on an appraisal and exploration programme in Senegal. Cairn is currently still engaged in discussion with the Indian Tan department as it struggles to gain access to the value of its 10% share of Cairn Energy.
Singapore-based Dyna-Mac has been awarded a contract worth a preliminary estimate of $89million to construct FPSO topside modules and one flare tower for BW Offshore. The company’s prepatory work is for the vessel which will operate at Premier Oil’s Catcher oil fields in the North Sea.
North Sea operator Premier Oil says it is preparing for a busy year of exploration with plans to sanction three new fields and drill 13 new exploration and appraisal wells in 2014.