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Another 40 jobs to go at Maersk Oil

Maersk Oil has said that it will reduce its Growth division, leading to the loss of 40 jobs, as part of ongoing efforts to reduce costs by 20%.

The Growth organisation currently has a short term focus on business development through targeted M&A, and the reductions will affect employees in Copenhagen, Aberdeen and Stavanger.

Maersk Oil says it has improved operational performance and reduced the breakeven price of its portfolio from $45-55 to $40-45 per barrel, however must continue to look for ways to reduce exposure to investments that deliver high break even costs.

Jakob Thomasen, CEO of Maersk Oil, commented: “Any reduction in staff is deeply regrettable, and we recognise this will be unsettling for our employees. Today’s changes are necessary to ensure our organisation reflects the current market and aligns our costs to our activities. We must continue to balance the realities of the tough market conditions with the growth agenda for Maersk Oil.”

Last October, Maersk Oil made moves to reduce its workforce by between 10% and 12%, with most jobs lost from business units in Qatar and Norway. Just last month, the company closed its Houston office and reduced its Luanda team, impacting about 100 staff positions.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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