BHPS
Fair call on those targeted, perhaps even a reversion in rank back to SFO/FO to fill those places held by the present ‘newbies’. At least it would have given those short listed a slightly more just reward for time served & loyalty. ‘LIFO’ would have been satisfied (albeit unfortunate for those on that list) The company would then have retained highly qualified & experienced staff and been better placed to expand to market forces should things change?
Perhaps it’s a simplistic view? A colleague inside believes, the real issue is that these redundancies are the smoke screen for the OLOG/Bristow management to bin the Final salary scheme once and for all (the big picture) Losing 15 or so Captains on that scheme will help no end as well. Top brass KC & AB will get their bonuses in OLOG shares for doing so, the books will look great.
Just a pity that the respective unions were not used to better effect in a joint effort to ‘restructure’. Effective Communication Policy is just that, not a couple of words strung together, what a waste of those MBA’s.
The full OLOG release:
Offshore Logistics make 75 redundancies in UK restructure
Source: Offshore Logistics
31 October 2003
LAFAYETTE, La. Oct. 30, 2003--Offshore Logistics, Inc. (NYSE: OLG) (the "Company") announced today that it has begun a restructuring of its United Kingdom based operations designed to reduce costs and promote operational and managerial efficiencies. Management believes these measures are necessary in order to remain competitive in the North Sea offshore helicopter market, given the current weakness in oil and gas industry activities in that market.
As a part of the restructuring program, the Company will reduce staffing levels by approximately 75 positions, or 11%, of its United Kingdom workforce over a six- month period. The Company will incur approximately $5.2 million in severance and other restructuring costs. However, the reductions will generate approximately $1.0 million in savings during the remainder of fiscal 2004, increasing in fiscal 2005, to approximately $4.6 million on an annualized basis, primarily from decreased salary costs. In addition, the Company is considering changes to its defined benefit pension plan to limit future service accruals through the use of a defined contribution arrangement and is currently consulting with employees regarding this matter. These changes will result in a reduction of benefit costs related to future service provided by employees, the effect of which has not been considered in the savings quantified above. Finally, in order to better align core competencies and management resources and increase the chances of success on future contract opportunities, the Company is exploring the possible transfer of its search and rescue and technical services operations into one of its existing joint ventures.
George Small, Chief Executive Officer and President of Offshore Logistics, Inc. said, "We regret the impact these changes will have on our U.K. workforce. However, management has carefully evaluated the Company's operations and has concluded that in order to remain competitive in the North Sea, we must take action now to reduce operating costs and streamline these businesses."
Offshore Logistics, Inc. is a major provider of helicopter transportation services to the oil and gas industry worldwide. Through its subsidiaries, affiliates and joint ventures, the Company provides transportation services in most oil and gas producing regions including the United States Gulf of Mexico and Alaska, the North Sea, Africa, Mexico, South America, Australia, Egypt and the Far East. The Company's Common Stock is traded on the New York Stock Exchange under the symbol OLG.
Statements contained in this press release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements contained in this press release include the possibility that the Company is unable to achieve the cost savings and the operational and managerial efficiencies anticipated, that the cost of the restructuring program exceeds managements estimates, that the Company is unable to effect changes to the defined benefit pension plan which would reduce its future benefit costs and finally, that the possible transfer of search and rescue and technical services into a joint venture does not occur or even if it does, that the Company is unable to achieve a more aligned management structure and the joint venture does not experience an increase in the success rate on winning new contracts. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K for the year ended March 31, 2003 and the Company's report on Form 10-Q for the quarter ended June 30, 2003. Copies of these may be obtained by contacting the Company or the SEC
From the Bristow website......
EMPLOYMENT OPPORTUNITIES
When you choose to pursue a career with Bristow Helicopters or any of its affiliates, you will have the opportunity to work with some of the most highly regarded helicopter service industry people in the world today. As part of the Offshore Logistics Group, Bristow Helicopters strives to conduct its business in an atmosphere that emphasises trust, integrity and respect with results. The Company works together with a firm commitment to safety, reliability and value for its customers. When evaluating prospective employees it seeks those with experience, intelligence, energy and motivation. If you wish to work as part of a team that places customer service and excellence of performance as the cornerstones of its business, we invite you to contact our Human Resource Department.
Varieties of opportunities occur in clerical and professional posts and experienced pilots and engineers are frequently required in locations around the world. During times when no vacancies exist you may still send a resume to our office for retention on file and consideration for future opportunities.
For more information about specific job openings.....................blah,blah