Danish state-owned utility DONG Energy is planning to cut around 280 jobs at its oil and gas business through the end of March, it said on Monday.
The business unit employs around 700 of the 6,700 staff members in the company which in September revealed that it aimed for a public listing within 18 months.
In January, DONG said it would write down about 16 billion Danish crowns ($2.34 billion) of the business unit to reflect a decline in oil and gas prices and “project-specific factors”.
“The market conditions are pushing our oil business and therefore we need to adapt the business,” press officer Ulrik Frohlke said in a mail to Reuters on Monday.
“That includes, among other things, that we need to reduce our costs and unfortunately also reduce the number of employees,” he said, confirming the job cuts first reported by Danish media Finans.
($1 = 6.8382 Danish crowns)
Reporting by Teis Jensen; editing by Sabina Zawadzki
Source: Reuters via RigZone
LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]
LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]
LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]