Sevan Marine execs take pay cut to keep company afloat
Further cost reductions are called for at Sevan Marine. As such, senior management has opted to cut its own salaries by 10 to 50 percent, according to the annual report for the first quarter, which shows a deficit of USD 8.1 million.
BY NIKLAS KRIGSLUND
Lower salaries for executives, continued layoffs and a simpler organizational structure will ensure the savings a Sevan Marine needed in order to help steer the Norwegian offshore carrier through the crisis.
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