- Oil company Star Phoenix said it would slash operating costs at its Trinidad-based oil services business by 85% this year, owing to a slump in demand caused by the pandemic.

Star Phoenix said it had completed 'a comprehensive organization restructuring' of the business, along with other cost cutting measures.

It also had signed an agreement with a third-party operator to dry lease some equipment including mud tanks and a generator.

Agreements had been signed to sell four smaller production rigs for a combined $0.2 million.

'The company continues to evaluate sale opportunities of the remaining eight rigs including four modern drilling rigs and will provide an update upon any material developments,' Star Phoenix said.

Story provided by