Polarcus is taking further actions to streamline its business and adjust operational capacity to align with current market conditions.
This follows on the $15 million cost reduction plan implemented due to the COVID-19 pandemic and oil price volatility.
The company has additionally streamlined and reshaped onshore and offshore organisation with a 20 per cent reduction in headcount.
Also, it has implemented a range of permanent and temporary compensation and benefit adjustments.
This includes a permanent salary reduction of 10 per cent at senior levels with effect from 1 October 2020.
Polarcus will maintain its sales and marketing presence in Houston and London (Western Hemisphere) and in Dubai and Singapore (Eastern Hemisphere).
These actions are estimated to realize an additional annualised reduction in Polarcus’ operating costs of more than $7 million.
Polarcus CEO, Duncan Eley, stated:
“The extent of the global economic crisis over the past three months has been profound.
“The further organisation changes we have made respond to the deteriorated market conditions and position the company for the future.
“Based on regular conversations with our client base across the globe, I am confident that the industry will see activity levels increase through 2021.
“Polarcus will enter this phase as a leaner and more responsive organization with an established foundation for future success”.