Premier Oil Slims Down Board as 3 Members Leave
LONDON, April 14 (Reuters) - Premier Oil said on Thursday that three board members would stand down over the coming months and not be replaced as the North Sea-focused oil producer slims its leadership and trims costs.
Falkland Islands and Southeast Asia Director Neil Hawkings will step down on June 30 but will continue working for Premier Oil as a consultant, the company said.
Non-executive directors David Bamford and Michel Romieu will leave following the firm's annual general meeting on May 11.
"It is incumbent on us, in the current commodity price environment, to consider the appropriate size of board membership," Chairman Mike Welton said in a statement.
Like other oil companies, Premier Oil has made substantial spending cuts to deal with a sharp decline in oil prices.
Hawkings has been a Premier Oil board member for 10 years and assumed responsibility for the Falklands portfolio in Jan. 2014.
(Reporting by Karolin Schaps; editing by Jason Neely)
WHAT DO YOU THINK?
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.
Operates 3 Offshore Rigs
- European Oil Producers' Weak Hedging Shows Bet on Price Rebound (Jul 31)
- Mexico Oil Privatization Pays Off With Billion-Barrel Find (Jul 12)
- Premier Oil Expects Weak Pound To Help Bottom Line (Jan 12)