Polarcus is cutting staff, including senior management, in an effort “to fit a redefined Polarcus,” and save about US$7 million a year.
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CFO Tom Hendrik Sundby leaves Polarcus in new wave of changes. Image from Polarcus. |
In total, 15 office staff, will be cut from the company’s roster. According to Polarcus, cost savings from the personnel changes, plus additional other overhead cost reductions will total $7 million annually, excluding one-off restructuring costs.
Other changes include chief financial officer Tom Henrik Sundby, and senior vice president human resources Dr. Paul Hanna deciding to leave the company; executive vice president strategic investments and company founder Peter Zickerman moving from being an employee to a consultant as strategic advisor to Polarcus; and cutting the executive vice president strategic investments, and senior vice president human resources executive management positions.
“The expanded cost reductions are part of a longer term plan which will continue to improve competitiveness while maintaining exceptional operational performance and sustaining positive operational cash flow. The plan provides the company with a business model to withstand a prolonged difficult market as well as to take advantage of opportunities in this volatile environment,” Polarcus said in a statement.
As of 1 March, Hans-Peter Burlid will be promoted to the position of chief financial officer. Burlid’s current position of vice president finance and investor relations for Polarcus, will be cut.
Burlid has 12 years of experience in the seismic industry with key roles in finance, accounting and business development and was instrumental in the start-up of Polarcus. he holds a B.Sc. in economics and business administration from Blekinge Institute of Technology, Sweden.
In late-2014, the company implemented a comprehensive cost management program resulting in a 26% workforce reduction.
Polarcus said: "The continued aggressive cost management program combined with leading vessel backlog, operational excellence and innovation and recently announced financial restructuring ensures the company is well positioned to ride out a prolonged market downturn."
Last month, Polarcus announced it had gained full support from its key stakeholders to move forward with a restructuring of the company that would see the company’s balance sheet significantly improved.
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