EMGS Reorganises12/05/2009 |
| Electromagnetic Geoservices (EMGS) has announced measures to restructure the company and reduce its workforce. The measures are designed to reduce costs, focus resources in key areas and improve the company's financial performance. The vessel fleet will be temporarily reduced from three to two vessels, and the organisation will be scaled accordingly. These actions will result in 29 temporary layoffs, 28 redundancies and 4 consultancy contracts being terminated. |
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Roar Bekker, EMGS acting chief executive officer, said that the reduction in workforce was a difficult decision as the company did realise the hardship this will impose on affected employees.
EMGS anticipates that the measures will result in annual reductions in operating expenses of approximately USD8 to 10 million.
As a part of the restructuring, EMGS plans to further rationalise its product development efforts to focus on existing products, and is working with its customers on potential new programs that involve sharing of research and development costs and capital expenditures.
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