Schlumberger cuts 21,000 jobs
Oil & GasSchlumberger is cutting 21,000 jobs in response to the pandemic and related oil crisis. CEO Olivier le Peuch says the second quarter “has probably been the most challenging quarter in the past decades.” The company...Read more
Shell to write off 20 billion dollars in assets, plans major reorganization
Oil & GasRoyal Dutch Shell is preparing a major reorganization in response to the new oil crisis, which sees the company write off at least 20 billion dollars in assets in the previous quarter. “We will likely...Read more
Van Oord axes 500 jobs
OffshoreVan Oord becomes the latest offshore contractor to heavily cut back on its workforce. Covid-19, the slump in oil prices and deteriorating market conditions in the dredging industry force the company to cut 500 jobs...Read more
Allseas to lay up vessels and dismiss several hundred crew
Oil & GasOffshore contractor Allseas will reduce its workforce by 300 in the course of 2020, which will mostly impact its vessels’ crews. The company says it is forced to do so due to the low oil...Read more
Subsea 7 cuts global workforce by 25%
OffshoreSubsea 7 is laying off 3,000 employees and will reduce its active fleet of 32 vessels by up to 10 vessels in response to the corona-induced oil crisis. The drastic measures are expected to deliver...Read more
DSV Panalpina cuts 3,000 jobs in pandemic response
Freight forwardingDSV Panalpina is cutting 3,000 jobs as part of a cost-cutting exercise sparked by Covid-19. The freight forwarder wants to reduce costs by EUR 190 million annually. Read more
Vestas stops projects and cuts jobs in virus response
Offshore windVestas is stopping projects, axing jobs and cutting salaries of executive management by 10% in response to Covid-19. “We’re in a period of high uncertainty and by making a strategic decision on our product portfolio...Read more
Temporary lay-offs and worktime reduction at Wärtsilä
Equipment manufacturersPRESS RELEASE – To mitigate the negative impact caused by the pandemic, Wärtsilä is taking steps to minimise the negative impact on its operations. These actions include reduced worktime and temporary lay-offs of personnel. The Finnish...Read more