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Oil and Energy to reorganize and reduce number of man-years

January 29, 2003, 00:00 CET

Hydro Oil and Energy management has decided to reorganize its exploration operations and announced today a reduction in the total number of man-years by about 300 consultants and permanent employees.

"We are taking these measures to strengthen the company’s competitive position. These changes need to be made, and will result in a better organization in relation to the tasks Hydro has ahead, says Hydro Oil and Energy executive vice president Tore Torvund.

"Fewer prospective development tasks and the transfer of the Tampen operatorship make it necessary to reduce manning levels," he adds.

Reorganization of Hydro’s exploration operation

Hydro will bring together its national and international exploration expertise in a new unit, based in Hydro’s offices at Kjørbo outside Oslo.

"This will allow us to use our exploration expertise for new opportunities arising from our global portfolio," says Torvund.

The changes to the exploration organization will result in a reduction of just under 50 technical positions. The exploration units at all of Hydro’s external offices will be reduced as a result.

The remainder of the manning reduction will take place in other parts of Hydro Oil and Energy.

"Most of the reduction in man-years will be in connection with the completion of development and drilling projects, but the whole operation will be affected by the organizational changes we will now implement," says Torvund.