Island Offshore cuts working hours, avoids layoffs
- Business & Finance
Norwegian offshore vessels owner Island Offshore is introducing reduced working hours for all office employees in Ulsteinvik, starting August 1, 2015, in order to reduce costs.
The company has explained this is being done to mitigate the implications of the weak offshore market, lay up of vessels as well as postponed new building deliveries. Island Offshore has said it has opted for “a collective solution to avoid lay- offs and dismissals.”
“It is important to us to stand together in this. This way we also retain the significant competence we have built up over time. We know that we are asking for a lot of our employees, hence it is very nice to see that everyone support this solution,” says Håvard Ulstein, managing director of Island Offshore Management AS.
The working hours will be reduced with 10%, and the arrangement will be continuously assessed in light of the market situation, the company has said.