Polarcus has made further headcount reductions including some of its senior management team.
The company said it would make further headcount reductions amid the continued low oil price.
This includes its chief financial officer and HR senior vice president.
A spokesman for the company said: “Chief Financial Officer, Tom Henrik Sundby and Senior Vice President Human Resources, Dr. Paul Hanna have made the decision to leave the company.
“Additionally, Peter Zickerman, Executive Vice President Strategic Investments and Company founder, has moved from being an employee to a consultant as strategic advisor to the company.
“The executive vice president Strategic Investments and senior vice president Human Resources executive management positions are eliminated as a result of these changes.”
The expanded cost reductions are said to be part of a longer term plan to remain competitive.
Polarcus said headcount reduction now totals 26% of its staff since changes began in 2014.
A further 15 employees are expected to be made redundant an include office staff as well as executive management positions.
The most recent job losses, as well as previous changes, are expected to create savings of $7millon annually.
The financial savings also include one-off restricting costs which will be incurred in the first quarter of this year.
Rod Starr, Polarcus chief executive, said: “Firstly, I want to thank all those employees departing the Company for all their hard work and dedication. 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.
“I am also appreciative of the leadership provided by executives Tom Henrik Sundby and Paul Hanna. They were both here in the early days and played important roles in the development of Polarcus, and I wish them the very best in their future endeavors. Continued strategic advice from Peter Zickerman will be an important element as the Company maintains an eye on future growth opportunities.”
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