Oil Search to Reduce Staff
Oil Search has initiated plans to reduce its staff numbers on active duty. While the company did not confirm the number of active employees to be impacted, this paper understands that hundreds of onsite workers will be included in what the organisation described as it has “limited our manning and changed our rotation and working schedules as part of our collective effort and precautionary measures”.
All of whom are on payroll while safety measures are undertaken during the Covid-19 pandemic to ensure safety, health and wellbeing of their people.
The company has suspended discretionary activities and demobilised non-essential staff from the field.
It maintained all key staff, including expatriates and relief staff who are currently in country.
Meanwhile, it’s OSH ASX listed stock price on Monday was below the $2 mark at $1.80, but as of 6pm yesterday, it moved up $2.04.
Over the last 10 years the company has not traded below $5, signifying the troubling impacts of current price trends on the company that saw the downward drop since January.
In its 2020 capital expenditure update released last week, it indicated a material reduction in investment expenditure from $US710 – 845 million as previously disclosed, to $US440 – 530 million.
“Forecast capital expenditure going forward from April has been reduced from US$400 – 500 million to between $US200 million and $US300 million,” it stated.
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