News: After cuts in staff and spending, Cairn India to rework contracts

C-Suite

After cuts in staff and spending, Cairn India to rework contracts

Cairn India Ltd, which has cut spending and fired staff this year, has approached rig suppliers and oil field service providers to rework contracts as it fights to offset the impact of low energy prices. Two top Cairn India executives, who confirmed the plans, said the oil and gas subsidiary of Anil Agarwal’s Vedanta Ltd hopes to save 15-20% by reworking these contracts, many of which were awarded last year. Both executives refused to be identified. 
Cairn India Ltd, which has cut spending and fired staff this year, has approached rig suppliers and oil field service providers to rework contracts as it fights to offset the impact of low energy prices. Two top Cairn India executives, who confirmed the plans, said the oil and gas subsidiary of Anil Agarwal’s Vedanta Ltd hopes to save 15-20% by reworking these contracts, many of which were awarded last year. Both executives refused to be identified. 
 
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Topics: C-Suite, #Corporate

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