It is understood that part of CompactGTL’s debt will be wiped out with a new cash injection from the new investors to push the business forward. The company, based in Abingdon, Oxfordshire, is not at risk and is not planning to cut any of its almost-100 employees.
Mr Hayward, who left BP in 2010 at the height of the Deepwater Horizon crisis, is also chief executive of Genel Energy, the oil explorer.
CompactGTL, which does not as-yet have any revenues, turns gas flares from oil rigs into usable oil. It said last year it was on the verge of securing its first commercial contracts.
A spokesman for CompactGTL declined to comment.
more
{ 0 comments... » Tony Hayward's CompactGTL calls in administrators read them below or add one }
Post a Comment