OSLO, Norway, Jan. 29, 2003 (PRIMEZONE) -- Norsk Hydro (NYSE:NHY):
The management of Hydro Oil and Energy have decided to reorganize the exploration operation and announce that this will involve a reduction in the total number of man-years of around 300 consultants and permanent employees.
"We are taking these measures to strengthen the company's competitive position. These changes need to be made, and will result in a better organization in relation to the tasks Hydro has ahead. Fewer prospective development tasks and the transfer of the Tampen operatorship make it necessary to reduce manning levels," said Hydro Oil and Energy executive vice president Tore Torvund.
Reorganization of Hydro's Exploration Operation
"Hydro will bring together its national and international exploration expertise in a new unit. This will allow us to use our exploration expertise for new opportunities arising from our global portfolio. The unit will be based in Hydro's offices at Kjoerbo outside Oslo," said Torvund.
The changes to the exploration organization will result in a reduction of just under 50 technical positions. The exploration units at all of Hydro's external offices will be reduced as a result.
The remainder of the manning reduction will take place in other parts of Hydro Oil and Energy.
"Most of the reduction in man-years will be in connection with the completion of development and drilling projects, but the whole operation will be affected by the organizational changes we will now implement," said Torvund.