Atlantic Petroleum announces re-organisation and cost saving measures


Tórshavn, Faroe Islands, 2015-01-30 14:00 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stok Exchange: ATLA NOK) today announces that the Company will re-locate its finance function to Bergen and close down the Torshavn office. In connection with this re-location the Company’s CFO Mourits Joensen will leave the Company with immediate effect and Nigel Thorpe, currently Business Development Director, will become Interim CFO. The transfer of the finance function will be fully implemented by the end of the second quarter.

Ben Arabo, CEO, said:

''We are responding to the challenging business environment by cutting costs in all areas of operation. The Company will become more efficient and robust as a result of the changes. I would like to thank Mourits Joensen for his efforts over the years and wish him good luck in his future endeavours.''

Birgir Durhuus, Chairman of the Board, said:

''Closing the Torshavn office was a difficult decision for us as a Faroese company, but it is a necessary response to the current severe industry environment and the lack of remaining upstream potential in Faroese waters in the short term.''

 

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

On the website, it is also possible to sign up for the Company’s e-mail newsletter.

Announcement no.03/2015

Issued 30-01-2015

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +298 350 100
         Fax +298 350 101
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo