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Subsea 7 to cut about 2,500 staff, reduce fleet

May 12, 2015
Norwegian offshore engineering, construction and services company Subsea 7 S.A. (SUBC.OS) said Tuesday it will introduce new cost-saving measures “in view of the difficult business and economic conditions in the oil and gas market.”
Measures will include a re-sizing of the fleet and workforce, the company said, as well as a restructuring of its corporate organization.
“It is envisaged that the overall reduction in the global workforce would be approximately 2,500 by early 2016, down from the 13,000 reported at the end of 2014,” the company said.
The global fleet will be reduced by up to 11 vessels, based on a mixture of non-renewal of charter vessels and either disposal or stacking of owned vessels. At the end of 2014, the fleet consisted of 39 vessels with a further five under construction.
At 1005 GMT shares traded up 0.8% at NOK85.50.
By Christina Zander 
Source: Wall Street Journal via Market Watch

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