TTS Group reduces its offshore business head count
TTS Offshore Solutions AS in Bergen, Norway, a subsidiary of TTS Group ASA, has announced redundancies citing current offshore market situation.
TTS Offshore Solutions offers a range of lifting equipment for offshore vessels including active heave compensated solutions.
Its parent company, TTS Group, said in a filing to the Oslo Stock Exchange on Thursday: “A workforce of approximate 30 full-time equivalents will be temporary laid off while another approximate 20 full-time equivalents will be contracted out to other TTS companies.”
According to the company, the adjustment affects approximate 40 per cent of the workforce of TTS’ offshore operations in Norway and Poland and are due to the current offshore market situation.