Sector News

Subsea 7 to axe up to 430 jobs

June 23, 2016
News

The global petrochemicals engineering company said the move was in response to “continued difficult business and economic conditions” in the oil and gas market.

It plans to axe 1,200 roles worldwide out of a total workforce of 9,200.

The company said it was cutting more than £200million from its costs, taking ships out of its fleet and has begun consultation about redundancies with staff in the UK and Norway.

Subsea 7 said it remained “fully committed to preserving the critical skills, expertise and assets it requires to realise greater project value for its North Sea clients”.

A year ago, the company shed up to 410 jobs, mainly in Scotland, as part of a similar cost-reduction programme.

Phil Simons, vice president for UK and Canada, said: “This difficult decision is a regrettable consequence of the prolonged and challenging environment the oil and gas supply chain is now experiencing, particularly in the north-east of Scotland.

“Unfortunately, the rapid decline in project awards, increased cost pressures, and market unpredictability necessitates further streamlining of our structure and processes.

“I understand the dramatic impact these changes will have on our workforce and their families. I wish to reassure them that we will do all we can to support them through this process, to ensure they are treated with respect, compassion and sensitivity.

“Every effort will be made to limit the number of compulsory redundancies.”

By Stephen Wilie

Source: Express

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