Oil and Gas News

Monadelphous steps up measures as maintenance slows

Monadelphous has introduced a number of initiatives to ensure the business is protected during COVID-19, which has caused a reduction in activity for its maintenance division.

As a result, the company’s chairman, managing director and non-executive directors have all agreed to a 30 per cent reduction in salary and fees, as well as the executive and general management teams taking a 10-20 per cent cut.

Monadelphous managing director Rob Velletri said the company would continue to work with its customers during these challenging and uncertain times.

“Our disciplined and prudent management, loyal workforce and strong balance sheet mean that we are well positioned to deal with the challenges ahead, and the opportunities that will arise in time,” Velletri said.

As a result, the company has stated that due to the heightened level of uncertainty and disruption in the economy, it remains unable to provide definitive revenue guidelines for this financial year.

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