In May 2014 Odfjell SE announced a review of all aspects of our business model in order to improve our financial results through a more competitive cost structure.
The Board has today approved a restructuring plan which, fully implemented, is estimated to improve the net result by in excess of USD 100 million on a yearly basis within 2016. The cost saving initiatives are related to operating expenses, general and administrative expenses, trade optimisation and bunker consumption.
The reorganisation will result in a reduction of up to 85 positions at the office in Bergen of which 32 are already concluded through attrition and early retirement. There will also be organisational changes at our offices abroad. Relocation of administrative tasks and reduction of Northwest European officers on our ships are also elements of this reorganisation.