Brief: Oil firm North Energy announces new round of cost cuts

North Energy ASA

16/09/2015 11:00

Sept 16 (Reuters) - North Energy Asa  NORTH.OL  
    * North energy : north energy asa announces further 
extensive cost cuts 
    * Persistent difficult market conditions underlie decision 
to make further savings 
    * Annual operating costs for company will thereby be reduced 
to about nok 10 million after tax, with programme taking 
virtually full effect from 2016 
    * With a significant reduction in costs, limited future 
commitments and a reported cash position of NOK 260 million at 
30 June, North Energy is fully funded until further with current 
activity levels 
    * New cost measures involve further downsizing and 
concentration of all activities in oslo. This means that tromsø 
and stavanger offices will be closed 
    * Approved cost cuts will have consequences for a number of 
employees 
    * Continuing its process of assessing different strategic 
directions for company 
    * Exploring a number of alternative strategic directions, 
these include possible mergers and amalgamations. We believe 
substantial synergies could lie in establishing larger and more 
robust companies 
    * North Energy also announced cuts on Aug 19  ID:nASM000BSK  
 
Source text for Eikon:  ID:nHUG9cHjw2  
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 (Reporting By Terje Solsvik) 
 ((terje.solsvik@thomsonreuters.com;))