Search results for: cuts

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  • 22 January 2016

    Schlumberger, world’s largest oilfield services provider slashed 10.000 jobs in the fourth quarter of 2015. The company said that the reason was an expected extended activity weakness in the first half of 2016. This led the company to recognize in the fourth quarter $530 million in pretax restructuring charges. The charges were for expanding the “incentivized leave of […]

  • 13 May 2016

    Dozens of jobs will be cut in Louisiana in the following months, due to, in part, low oil prices, Louisiana Workforce Commission has informed. In a statement this week, the commission said that four Louisiana employers recently issued Worker Adjustment and Retraining Notifications (WARNs). Companies are required to file WARNs under the federal Worker Adjustment […]

  • 12 December 2014

    World’s second largest provider of oilfield services, Halliburton, will let a thousand workers go, according to reports. The layoffs will affect workers in Europe, Asia, Africa and Middle East, while there will be no workforce cuts in America. Reportedly, Halliburton spokesperson told AFP that the job cuts were necessary for Halliburton to work through challenging market […]

  • 15 October 2010

    Drill cuttings produced on board the Paul B Loyd Junior rig operating for BP in the North Sea are to undergo specialised treatment after deals signed with a specialist waste contractor.

  • 18 February 2015

    Norwegian engineering and construction company Aker Solutions will lay off more workers in Norway due to a decline in activity levels stemming from low oil prices. The company has said that it will make “the adjustments” within the maintenance, modifications and operations (MMO) sector. About 300 engineering and project management employees in the Norwegian MMO business may be affected. The […]

  • 21 January 2015

    After BP last week announced it would lay off 300 workers in the UK, amid plunging oil prices and challenging market conditions, another UK North Sea operator has decided to follow suit. According to BBC, Talisman Sinopec said that from a workforce of around 3000, ten per cent would be affected. Of the three hundred […]

  • 8 June 2020
    Business & Finance

    PGS said it will implement further cost reductions as seismic industry takes major hit on Covid-19 and oil market disruption. Specifically, this includes staff reductions, re-organization, consolidation of offices, re-negotiation of service agreements and other cost measures. This should also bring annual gross cash cost run-rate to approximately $400 million, from initial $600 million, PGS […]

  • 30 March 2017

    Deepwater oil and gas industry, generally considered an expensive investment, has managed to cut its costs to a certain level, allowing its most attractive deepwater projects to now compete with US tight oil plays, Wood Mackenzie said. However, more cuts are needed to drive the deepwater breakevens further down. The consultancy group has said that a leaner […]

  • 7 May 2015

    The recovering price of oil should bring an immediate end to the oil and gas industry’s opportunistic campaign of job cuts and impositions to working conditions, Unite, a workers’ union in the UK has said today. The call comes after talks with Offshore Contractors Association (OCA) employers convened yesterday in the wake of a consultative […]

  • 10 May 2016
    Business & Finance

    Oil and gas company Chariot Oil & Gas Limited is making cuts in personnel and board of directors citing the continuously challenging business environment. The move will see a reduction in personnel and payroll in the head office by approximately a third, and a reduction in the size and cost of the Board with Matthew Taylor, Technical […]

  • 18 April 2016

    UK energy company Centrica will reduce its workforce by 3.000 people in 2016, as part of its cost cutting initiative. The company revealed the info in its trading statement on Monday when it said direct headcount was expected to reduce by around 3.000 in 2016 – reduction of around 800 in the first three months of […]

  • 3 November 2015

    Dutch marine engineering firm Fugro will lay off hundreds of workers in the coming quarters. The company is trying to keep its expenses at bay due to a deteriorating market situation in the oil and gas market, caused by low oil prices. The oil and gas market makes up an estimated 78 percent of Fugro’s […]

  • 10 March 2016

    South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) has reportedly announced that thousands of jobs will be cut by 2019.  According to the Korea Herald, the daily newspaper with news from South Korea, DSME will cut 12,000 jobs, leaving the company with 30,000 employees by 2019 as part of efforts to revive its struggling core business. […]

  • 18 February 2016

    Centrica plc, an energy and services company, has announced plans to lay off 3,000 employees by the end of 2016.  Centrica’s E&P business holds assets in the UK, the Netherlands, Norway, Western Canada and Trinidad and Tobago. In the company’s full year 2015 report on Thursday, the company said that its £750 million cost efficiency programme was […]

  • 22 July 2016
    Business & Finance, Equipment

    Schlumberger, world’s largest oilfield services company, posted a net loss for the second quarter of 2016, and announced further job cuts. The company’s net loss was $2.1 billion down from a net income of 1.1 billion. Second quarter revenue fell to $7.1 billion, down from $9 billion in the corresponding quarter of 2015. Schlumberger’s result was […]

  • 15 May 2017
    Business & Finance

    Boskalis has completed the previously announced study into the costs of its head office organization, which will target total cost savings of EUR 30-35 million – resulting in the loss of around 230 jobs. This restructuring is part of the Corporate Business Plan 2017-2019 which Boskalis presented at the start of the year and will be […]

  • 22 February 2016

    Cobalt International Energy, a Houston-based oil exploration and production company, will reduce its workforce by 50 percent when compared to its pre-Angola sale workforce. According to Cobalt, with the pending transfer of the company’s Angolan assets and its focus on reducing costs, the company is in the process of restructuring its organization in order to “better align […]

  • 17 September 2015
    Business & Finance

    Ceona, a SURF and heavy subsea construction contractor in the deepwater market, has gone into administration resulting in 102 jobs lost.  To remind, CEONA in June confirmed it would be axing staff to keep costs in control due to fall in oil price. According to CEONA’s press release issued Thursday, Stuart Gardner and Alan Hudson of […]

  • 19 September 2016

    French gas and power group Engie plans to cut about 1,150 jobs in various support functions and the firm’s Liquefied Natural Gas (LNG) business is set to book a full-year loss after making losses in the first half, L’Expansion said.

  • 8 October 2015

    Vroon Shipping Services will reduce its operational fleet by taking twelve offshore-support vessels out of operation, which consequently means it will also reduce the number of onboard positions.  The Dutch shipping company said in a press release on Thursday that it would be taking twelve offshore-support vessels out of operation, citing the ongoing slump in offshore […]

  • 2 November 2016

    Dutch oil and gas contractor Heerema Fabrication Group (HFG) is reducing its workforce in two yards in the Netherlands, Zwijndrecht and Vlissingen, as well as in Poland and England.  In a statement on Wednesday, Heerema Fabrication Group said that due to poor market conditions in the oil and gas industry, increasing competition, the combination of price […]

  • 16 June 2015

    Norwegian oil and gas giant Statoil has confirmed it will be laying off up to 1,500 permanent employees by the end of 2016.  Offshore Energy Today recently reported that Statoil might be reducing its workforce by 2,000 positions starting next year. The effort to standardise, simplify and increase efficiency across Statoil enters the next phase, the […]