Our client, a global provider of oil field services, needed to urgently drive cost down and enhance expected revenue in response to a 70% drop in oil prices. PIP was engaged to identify and prioritise EBITDA improvement opportunities, support restructuring their organisation, and outline a workplan to deliver the identified opportunities.
- Identified more than US$250m of EBITDA opportunities
- Development of a comprehensive (‘all-levers’) business transformation programme, with cost down through procurement, firm-wide operational improvement, overhead reduction, and substantial revenue improvement from numerous new market opportunities
- Programme designed against an aggressive timeline to transform the business, achieving US$250m EBITDA run-rate improvement within 12 months
- Programme included a 40-60% reduction in headcount across contractors, direct labour and management
- Transformation included a redesign of the organisational structure by consolidating various operational and support roles, e.g. human resources, IT, procurement