Offshore oil and gas firm Subsea 7 has announced it is to cut up to 430 UK jobs, most of them in Aberdeen. The global subsea engineering company said the move was in response to “continued difficult business and economic conditions” in the oil and gas market. It plans to axe 1,200 roles worldwide, out of a total workforce of 9,200. The company said it was cutting more than £200m from its costs, and taking some ships out of its fleet. It has begun consultation about redundancies with staff in the UK and Norway.
A year ago, the company shed up to 410 UK jobs as part of cost reduction programme. Phil Simons, vice president for UK and Canada, said: “This difficult decision is a regrettable consequence of the prolonged and challenging environment the oil and gas supply chain is now experiencing, particularly in the north-east of Scotland. “Unfortunately, the rapid decline in project awards, increased cost pressures and market unpredictability, necessitates further streamlining of our structure and processes to protect business and the skilled services we provide.”