EMGS restructures company makes layoffs

TRONDHEIM, NORWAY: Electromagnetic Geoservices ASA (EMGS) is taking measures to restructure the company and reduce its workforce. EMGS said 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 company will be scaled accordingly. The actions will result in 29 temporary layoffs, 28 redundancies and four consultancy contracts being terminated. Roar Bekker, EMGS acting chief executive officer, said, “Although we have been successful in our efforts to reduce operating costs in late 2008 and early 2009, we must now further reduce our operating expenses to match the current demand environment. Today’s reduction in workforce is a difficult decision as we realize the hardship this will impose on affected employees. However, we believe that the plan announced today is necessary and the right course of action to streamline our operations into a more efficient and commercially oriented business.

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