ATP Oil & Gas Corporation has challenged all of its U.S., U.K. and Netherlands employees to achieve ambitious goals by July 1, 2009:
• Reduce by $600 million the company's outstanding debt by monetizing value already created in property, platform and infrastructure assets;
• Commence production at ATP's Telemark Hub by completing construction of the floating triple hull deepwater vessel, installing drilling/processing facilities, drilling the well, and laying pipeline at Mississippi Canyon Block 941 in the deepwater Gulf of Mexico;
• Secure the Field Development Plan for Cheviot in the North Sea, initiate hull construction and commence topsides of the floating drilling/processing facilities.
The reward to each of its valuable 66 employees, if the goals are attained: ATP will pay their home mortgage costs for one year in accordance with the terms of the Employee Challenge plan.
"It is imperative to attract, retain and motivate essential employees. ATP's clear-cut focus is to continue to effectively execute its strategic business plan, including a significant reduction of its debt. The best way to do that is by setting aggressive goals and incentivizing each employee to perform at the highest level," stated T. Paul Bulmahn, Chairman and President of ATP. "In 2006, ATP employees were awarded a 2006 Volvo S60 when the company met its publicly announced aggressive production and reserves goals. In fact, the company nearly tripled its previous annual production rate in the Gulf of Mexico and North Sea and also surpassed its reserve replacement goal of 200% with a superlative 1,367%."
"By going public with this present challenge, though the target is daunting, ATP is once again telling the world that we are a company which will effectively rise to meet challenges. When we meet the goals, and I firmly believe we can achieve them, the company will be stronger and ATP will be proud of its commitment to each employee to enjoy an enhanced quality of life."