STOCKHOLM, Sweden – PA Resources (PAR) says it will decrease its corporate organization in order to reduce its costs. The company’s cost reduction efforts will entail several organizational and management changes.
The company’s London office, which manages its North Sea assets and group exploration activities, will close at the end of 2015, and all staff working on these activities will leave the company.
PAR’s corporate headquarters in Stockholm will remain but with reduced manpower to manage completion of the sales process and handle the administration.
Kevin McGrory, general counsel, and Graham Goffey, senior vice president for exploration and managing director for the North Sea and West Africa, will stay on as consultants to support the sales process.
CEO Mark McAllister and Paul Elstone, managing director of PA Resources in Tunisia, will remain in their positions.
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