HRT loss down on cost cuts

Less of a loss: HRT CEO Marcio Rocha Mello

HRT

Eoin O'Cinneide

 05 March 2013 15:29 GMT

Brazilian independent HRT managed to cut its losses last year somewhat despite a dip in already limited revenues.

The net loss for the year to the end of December was 277.57 Brazilian reais ($141.08 million) as against a deficit of 304.04 million reais a year earlier.

With the company still very much in the exploration phase, revenues were unsurprisingly small at 6.75 million reais as against 9.94 million reais.

A readjustment to the company’s structure in how it operates in the Solimeos basin off Brazil saw its operating rig count there drop from four to two units in 2012.

Aggressive cost-cutting saw the company chop its headcount by 36% which reduced the general & administrative expenses bill significantly. The company…

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