Global Energy Development announce new turnaround strategy

Global Energy Development announce new turnaround strategy

Colombia-based energy firm Global Energy Development (AIM:GED) will announce a shift in focus towards subsea oil exploration, as part of a sweeping turnaround strategy.

The petroleum exploration firm is expected to confirm a multi-million dollar investment in 10 offshore subsea service vessels based in the Gulf of Mexico, along with related equipment.

The vessels will remain in the Gulf area, as GED looks to extend its international offshore portfolio.

A new director of operations is also likely to be appointed as the company attempts to strengthen the leadership of its new subsea endeavours.

The deal is expected to be announced following shareholder approval at a general meeting, which will be held next month.

GED’s new master plan comes as a continuing development on its 2016 company goal, which was “to increase value for its shareholders by searching for investments or acquisitions within the energy sector with the potential for significant upside.”