Sector News

DONG Energy to slash jobs at oil unit ahead of IPO

March 1, 2016

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

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