Subsea 7 S.A. declare austerity measures in view of economic difficulties

The Group plans to reduce its workforce by 1200 jobs in a year.

26.Jun.16 10:14 PM
By Vladimir Vasiliev
Photo Toinnov.com

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Subsea 7 S.A. declare austerity measures in view of economic difficulties

Discussions with employees have already begun in Norway and UK. 1200 jobs is quite impressive figure. It means more than 13% of jobs reducing. Surely, job cutting is not the only way to achieve the main purpose – to save USD 350 million annually. Now it is considered that up to five vessels are to leave the active company’s fleet by early 2017.

As one of the measures the structure of the Group is going to be changed. CEO Jean Cahuzac said that new structure reflects focus on commercial and long term priorities. He added that necessary steps have been done to protect core offerings through the oil price circle.

According to Jean Cahuzac statement, survival strategy’s key issues are: “Differentiation delivered by our people, asserts and technology”.

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