Dutch company SBM Offshore said it is planning to cut about 1,200 positions worldwide, over the period 2014 and 2015, as part of a cost-saving programme.
“Workforce reduction plans will vary by country, based on local legal requirements and in close consultation with work councils and employee representatives,” the company said in a statement.
According to the statement, the restructuring is expected to generate annualized savings of approximately US$40 million relating to company employees only. Total redundancy costs of US$25 million are expected, of which US$17 million will be recorded in 2014 and a further US$8 million in 2015.
SBM Offshore also announced the relocation of its corporate headquarters to Amsterdam effective from the third quarter of 2015.
“The international orientation, presence of many other stakeholders in the Netherlands, the company’s Euronext listing and the proximity to the industry and Schiphol airport are expected to provide many advantages to SBM Offshore as a global player in the industry,” the statement said
Approximately 100 people are expected to work with the Management Board from new offices in the Amsterdam region. Monaco remains a strategic location for technology, engineering and operations.
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LNG World News Staff; Image: SBM Offshore