TTS Group works on reducing costs in Norway and Germany

TTS Group has decided to implement measures to reduce costs in Norway and Germany.

Due to a weaker market than expected in the offshore and heavy lift sector, the Group will, during the first half of 2014, implement a workforce reduction of approx. 10% of the total workforce in the group. Today the total workforce consists of approx. 1,100 persons.

The cost reduction is a consequence of cost- and capacity adjustment to the current market situation, as well as an extensive benchmarking and process evaluation. The efforts are expected to provide a gradual improvement in profitability in the second half of 2014.

The downsizing process has been initiated and is expected to be finalized during the 2(nd) quarter.

[mappress]

Press Release, May 02, 2014