Neptune Energy has informed its employees of proposals to reshape the size of its global organization, the company has revealed.
Neptune told Rigzone it anticipates approximately 400 roles across nine countries to be impacted by the proposals, with around half of these being staff positions and the other half contractor positions. The company said the impacted roles would be office-based and operations would not be impacted by the proposals.
The proposals arose due to the combined impact of the Covid-19 pandemic and the anticipation of lower commodity prices for a longer period of time, Neptune outlined. Subject to the proposals proceeding, Neptune said it will provide outplacement support for individuals who leave the business to help secure alternative employment.
“The decision to make these proposals was not made lightly and follows the deferral of project and exploration activities to reduce costs this year as we announced at our full year results in March,” Neptune said in a company statement sent to Rigzone.
“The challenges facing the global oil and gas industry are clear and we know we must take further steps in order to emerge stronger and in a position to continue making a positive contribution to society’s energy needs,” Neptune added.
“We must make changes to our business now that reflect the structure required in the future and one that is focused on those endeavours that deliver the most value in a safe manner,” Neptune continued.
Neptune Energy is an international independent exploration and production company with a regional focus on the North Sea, North Africa and Asia Pacific. In its 2019 annual report, the company revealed that it had a total headcount of 1,469 people.
As of June 21, there have been 8.7 million confirmed cases of Covid-19 globally and 461,715 deaths, according to the latest figures from the World Health Organization.
To contact the author, email andreas.exarheas@rigzone.com
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