Subsea 7 Job Axe Falls in Norway
- Business & Finance
Oil services company, Subsea 7, has decided to adjust its offshore workforce capacity in Norway after a continued decline in activity levels.
According to Norwegian media reports, about 70 employees will lose their jobs, bringing it to a 37 per cent reduction of Subsea 7’s Norway offshore staff.
The Oslo-listed company was already forced to implement necessary workforce adjustments due to project delays in Norway, with headquarters in Stavanger being the most affected.
In May this year, Subsea 7 launched a programme of cost reduction measures which 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, and global fleet to be reduced by up to 11 vessels.
To remind, the company, also in May, secured a deal of approximately USD 300 million for the Maria field development by Wintershall Norge AS. Offshore operations for this project are scheduled to start in 2016 and are expected to be completed in 2017.