Atlantic Petroleum has announced it will relocate its finance function to Bergen in Norway and close its Torshavn office in the Faroe Islands.
The company said its current chief financial officer, Mourits Joensen, will leave the company with immediate effect.
Nigel Thorpe, currently business development director, will become interim chief financial officer.
Atlantic Petroleum said the transfer of the finance function will be fully implemented by the end of the second quarter.
Ben Arabo, chief executive, 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.”
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