More layoffs for TTS Group

TTS Business Unit Offshore, a part of TTS Group ASA, has decided to implement further temporary workforce reductions with immediate effect, citing current offshore market situation. 

Bergen-headquartered TTS Group is a company that designs, develops and supplies equipment for the marine and oil and gas industries. The reductions will be implemented in its subsidiaries in Norway and Poland.

To remind, TTS Offshore Solutions in September laid off 30 full-time equivalents, and another 20 full-time equivalents were contracted out to other TTS companies. In addition to redundancies announced in September, TTS Business Unit Offshore gave notice for layoff of another 40 full time equivalents, leading to a 50% temporary layoff of all employees in average.

“The significant adjustment is due to the current offshore market situation, which is very challenging with low visibility on the sales side,” the company said in a press release on Monday.