North Sea oil firm Ithaca Energy has appointed industry veteran Bill Dunnett as its new chief executive.
Ithaca Energy plans to shed a quarter of its onshore workforce after sinking to a £944m pre-tax loss amid the "historic collapse" of oil and gas prices.
North Sea operator Ithaca Energy intends to make redundancies from its onshore workforce by the end of 2020, its chief executive has confirmed.
Ithaca Energy is still planning to move ahead with a project to boost production from one of its flagship North Sea fields this year, despite deferrals and slashed spending.
Impairments led North Sea operator Ithaca Energy to a £111.4m pre-tax loss in 2019, while the Covid-19 outbreak threatens delays to future projects.
Ithaca Energy has chipped away at its record high debt while posting strong third quarter results.