Trinity Axes COO in Redundancy Program

Trinidad and Tobago-focused energy firm Trinity announced Wednesday that it will axe its chief operating officer on March 31, 2016 as part of a redundancy program, which is designed to save the company money.

The program, along with other cost reductions achieved to date, is expected to reduce general and administrative (G&A) costs on a run rate basis by more than $1.6 million per annum. Trinity expects to save more than $300,000 in the current financial year, although this will be offset by directly related cash costs of approximately $200,000. The company’s G&A costs have already been reduced to $5.7 million for the first half of 2015 (1H 2014 G&A costs: $10.4 million) and Trinity remains on target to reduce operating costs to $26 million for the full financial year 2015 (operating costs 2014: $33 million).

Joel Pemberton, chief executive officer of Trinity, commented in a company statement:

“While we cannot control the price of oil, we are working hard to manage production levels on a constrained capital budget while reducing those costs that we can control. The measures we have taken to reducing staffing across the business reflect the level of investment activity justified by the current oil price. Crucially, we are retaining a strong, experienced core of operational staff to ensure that our assets continue to be run to the highest standards, without compromising their potential should the commercial environment improve in the future. I would like to express my thanks to Craig McCallum and all of Trinity’s employees for their commitment and endeavours during this difficult time.”

There have been a number of high-level organizational changes at Trinity over the past few months, with non-executive directors David Macfarlane, Ronald Harford and Finian O’Sullivan all having left the company since June. Trinity announced on September 1, 2015 that it will sell its 100 percent interest in the onshore Guapo-1 (GU-1) block for $2.8 million and revealed in July 2015 that an agreement with Centrica to purchase 80 percent of two blocks offshore Trinidad was terminated.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  Oil, Gas Firms Make Global 100 Most Su... (Jan 19)
 -  NPDC Pipeline Set on Fire, Cause Uncle... (Jan 18)
 -  BLOG: Buhari Changes Hard-Line Approac... (Jan 18)
 -  Modest Recovery Within UK Upstream Sec... (Jan 17)
 -  Ideal Employer Survey: Africa Values S... (Jan 16)


Most Popular Articles

From the Career Center
Jobs that may interest you
Administrative Assistant
Expertise: Secretarial or Administrative
Location: Mobile, AL
 
Document Control Specialist
Expertise: Document Control
Location: Columbus, GA
 
US Duncan, OK: Administrative - Senior Administrative Specialist Specialist
Expertise: Secretarial or Administrative
Location: Duncan, OK
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours