Polarcus is cutting senior executives as part of a reduction in staff numbers as it looks to move to a business model to survive a pro-longed offshore downturn.

Reductions in staff by Dubai-headquartered Polarcus since the end of 2014 now stand at 26% of its workforce. In the latest round of cuts the company’s office staff headcount will be reduced by 15, including a number of senior executives.

Polarcus cfo Tom Henrik Sundby and svp of human resources, Paul Hanna will be leaving the company while Peter Zickerman, evp strategic investments and company founder has moved to become a consultant of the company. The human resources and strategic investment positions will be eliminated, while vp finance & investor relations, Hans Peter-Burlid, is promoted to cfo.

Combined with other overhead cost reductions Polarcus said the staff cuts would save it $7m a year, excluding one-time restructuring costs.

“It is always a difficult decision to see the departure of high-quality employees, but the current market environment requires us to continuously review and adjust our cost structure," said Rod Starr, ceo of Polarcus.

In early January Polarcus set out a planned financial restructuring with its banks and bondholders.