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Salamander

Oil & Gas

Ophir Energy to reduce headcount and close offices in $60million savings bid

Ophir Energy will close almost half of its offices and reduce its headcount as it looks to streamline costs following its acquisition of Salamander Energy earlier this year. The move was made as chief executive Nick Cooper admitted the company faced a “tough time” in the commodity cycle. However the company’s head insisted Ophir continued to have a strong balance sheet despite the changes.

Markets

Ophir Energy makes Salamander takeover bid

Ophir Energy has made an indicative offer to acquire Salamander Energy, the companies have said in a joint statement. The company is making an offer of 0.5719 of its own shares for each Salamander share. Both Ophir Energy and Salamander said there was “compelling strategic logic” for the move, that will leave the pair with a strong portfolio of operations across Africa and South East Asia.