Beach's current assessment places the recurring annual cost savings from the merger at A$40 million (US$30.6 million), pre-tax, which it says will be fully realised in the 2017 financial year, which commences 1 July. This is up from an estimate of A$28 million in savings in March.
The majority of the cost savings, about A$26 million, have come from headcount reductions, with the majority of employment positions at Drillsearch's former Sydney-based offices being made redundant leading to the termination of 60 positions by the end of April and a further four staff expected to go by the end of May.
Beach
