BW Offshore reports loss
BW Offshore late on Monday reported a loss of $4.4m for the second quarter ended June 30, 2016 as cost cutting efforts failed to offset challenging conditions in the oil and gas markets leading to field developments being postponed.
According to MANA,Under pressure to reduce costs, the company targets to reduce offshore personnel costs by 10-15% and offshore repairs and maintenance (R&M) spend by 10% through higher efficiency, renegotiated supplier agreements and subcontracts. The measures will be implemented in 2016 and take full effect from 2017.The move to cut offshore staff follows measures to reduce onshore personnel, which are nearly completed.