Odfjell makes big cuts with new cost reduction plan

The board of Norwegian tanker and chemical carrier Odfjell, which got a new CEO last month, approved a large-scale cost reduction and restructuring plan on Friday, aimed at significantly improving the carrier's earnings.

Photo: Odfjell

Norwegian chemical carrier Odfjell is now performing a so-called restructuring of the company, a move that at first results in layoffs for 85 employees at the carrier's headquarters in Bergen, according to a statement.

Odfjell hired a new CEO last month following disagreements between now-former CEO Jan A. Hammer and the carrier's board of directors, as the two parties disagreed on corporate developments going forward and the new plan for the company. Jan A. Hammer has been replaced by Tore Jakobsen.

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