Polarcus cut senior management roles and reduced costs saving an estimated USD 7 million per year, the offshore geophysical firm announced Monday.

Polarcus continues downsizing

DUBAI, February 1, 2016 – Polarcus cut senior management roles and reduced costs saving an estimated USD 7 million per year, the offshore geophysical firm announced Monday.

In an effort to keep afloat as the offshore market struggles, Polarcus is axing 15 more employees. Chief financial officer Tom Henrik Sundby and vice-president of human resources Paul Hanna are among those to step down. Company founder Peter Zickerman has been moved from being an employee to working as a consultant for the company.

The company has undergone massive financial restructuring and has reduced its personnel by 26% since 2014.

“It is always a difficult decision to see the departure of high-quality employees, but the current market environment requires us to continuously review and adjust our cost structure,” Rod Starr, the CEO of Polarcus, stated.