Brightoil audit U.S. operations
Hong-Kong listed Brightoil Petroleum (Holdings) Limited (Brightoil) are conducting an audit into its U.S. operations following the departure of its regional Managing Director Vince Matassa.
"During his term at Brightoil, the Group's U.S. business accumulated losses of up to approximately $15 million," a company statement said.
The statement also confirmed Matassa's exit from the firm saying that "Mr. Vince Matassa, regional Managing Director, ISB Americas & Caribbean, is no longer working with Brightoil."
Responding to a request for comment on Matassa's exit last week, Brightoil said it would "continue to focus on strengthening its presence in the U.S. marketplace," but Reuters have reported the company was currently looking to sublet its U.S. oil storage.
"They are definitely trying to sublease their existing storage in the Gulf Coast, it would seem they are going into a holding pattern until [Brightoil chairman Raymond] Sit can figure out what he wants to do next," their industry source said.
Ship & Bunker reported last Friday that Matassa had left the firm after less than 2 years running their U.S. operations, having previously spent almost 14 years at BP.
He was one of around 20 staff who left the British oil and gas company to join Brightoil following a large oil spill and the April 20, 2010 explosion on BP's offshore drilling rig Deepwater Horizon.
Last month Brightoil issued a profit warning informing investors that net profits for the year ending June 30, 2012 are expected to "decrease significantly" when compared to the previous year of operations.