JANUARY 9, 2014 — The Board of chemical tanker operator Odfjell SE has approved a restructuring plan which, when fully implemented, is estimated will improve the company's net result by in excess of $100 million on annual basis by 2016.
The cost saving initiatives relate to operating expenses, general and administrative expenses, trade optimization and bunker consumption.
The reorganization will see up to 85 jobs go at the company's Bergen, Norway, headquarters with 32 jobs already shed through attrition and early retirement.
There will also be organizational changes at the company's offices outside Norway."Relocation of administrative tasks and reduction of Northwest European officers on our ships are also elements of this reorganization," says Odfjell.