Endeavour International Corporation, Steelhead Partners: According to a recent 13G filing, Michael Johnston‘s Steelhead Partners recently decreased its stake in Endeavour International Corporation (NYSE:END). Steelhead now holds around 6.27 million shares of Endeavour International, which represent 13% of the company. In its latest 13F, Steelhead reported ownership of some 6.34 million shares at the end of the third quarter.
The Board of Endeavour recently completed the strategic review process that started in February. In this way, the Board adopted some measures meant to decrease costs and retain the company’s existing asset base. Among the changes for cost reduction, Endeavor will close its office in London and consolidate its team in Scotland’s Aberdeen. Endeavour also completed the development at Rochelle and expects to produce oil from its platforms soon.