Triton Implements Corporate Restructuring Plan; Eliminates 65 Positions in Dallas Office

Business Wire, July 23, 1998

DALLAS--(BUSINESS WIRE)--July 23, 1998--Triton Energy announced today that it has eliminated 65 positions in its Dallas office, part of its corporate restructuring and cost-reduction plan announced Friday, July 17. The staff reduction amounts to over one-third of the Company's 166 employees in Dallas and nearly one-fourth of its staff worldwide.

"We plan to reduce general and administrative expenses by about $25 million annually. This first phase of our corporate restructuring is under way and we have reduced staff and associated operating costs in all disciplines," said Bob Holland, who was elected Triton interim Chief Executive Officer last week.

According to Holland, the cutback in Dallas represents about half the positions to be eliminated companywide. Triton plans additional staff reductions in Triton's offices outside the United States, where many operations will be scaled back and branch offices closed. At this time, Triton is not disclosing the countries that will be affected.

As part of the reorganization, the day-to-day responsibilities of several Vice Presidents of the Company have been consolidated under the following individuals:

--W. Greg Dunlevy will continue to have primary responsibility for investor and media relations; he now also will be responsible for corporate finance, treasury and cash management functions.

--Bernard G. L. Gros-Dubois will continue to be responsible for accounting and corporate taxes, as well as assume additional responsibilities for corporate planning and risk management.

--Brian Maxted will undertake responsibility for all exploration activities, including the technical aspects of Triton's worldwide portfolio.

--Rick Stevens will continue to head the Company's marketing and commercial activities, in addition to his new responsibilities relating to asset management.

Triton Energy Limited (NYSE: OIL) is a Dallas-based international oil and gas exploration and production company primarily focused on large-scale projects and exploration opportunities around the world. The Company has major projects under way in Latin America and Southeast Asia. It is actively exploring for oil and gas in these areas, as well as in southern Europe, Africa and the Middle East.

For more information about Triton: www.tritonenergy.com.

    CONTACT:  Triton Energy Limited, Dallas
               Investors and Media:
               W. Greg Dunlevy, 214/691-5200