Oil And Gas Firm Slashes Salaries Up To 45pct Leadership Takes 50pct Cut

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CORONAVIRUS | Oil and gas firm Sapura Energy is slashing salaries by up to 50 percent to cope with the economic downturn brought about by the Covid-19 pandemic with its topmost management taking the biggest cut
Sapura Energy, in a statement, said the company's leadership will take a 50 percent salary cut while other employees will see a salary reduction of between five to 45 percent
"As leaders, it is imperative that we take the hit as much as we can to protect our people, particularly those who are most vulnerable in our ranks
“In the past year, we have done a lot of work to strengthen the company, including growing our top line and improving efficiencies in the way we operate
"However, Covid-19 and low oil prices have impacted our financial strength. To sustain our business, we need to implement immediate austerity measures to preserve our cash flow,” said Sapura Energy president and group chief executive officer Shahril Shamsuddin
The salary cut will take effect after Ramadan
The company added other austerity measures including workforce reduction
“As a principle, we will ensure those with lower income are less burdened by these cuts,” he said
Shahril acknowledged that the industry will be tough going forward but said if the company can maintain its resilience it will emerge leaner and stronger
Brent crude oil has plunged to under US$20 a barrel as a vast portion of the global economy came to a grinding halt
Countries across the world have gone into lockdown in a bid to contain the Covid-19 pandemic. - Mkini

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