Norwegian offshore yard and ship technology supplier Havyard Group has said today that it will be implementing further measures to deal with the general market downturn, which includes cutting the full-time workforce by around 100 staff.
Havyard took the decision with expectations of continued low demand, having already implemented a four-day workweek in May and June, corresponding to a de facto 15% pay cut. The business units most affected will be Havyard Ship Technology and Havyard Design & Solutions.
Geir Johan Bakke, CEO of Havyard Group, commented: “The downturn in the market is expected to last for a while, and we don’t expect the next upturn to be as big as the last one either. That is why we are continuing the process of restructuring and rationalising the business areas in the Group. Our goal is to ensure our profitability in the long term and secure jobs by adapting to the market and improving our competitiveness. We are far from the only company in Norway that is facing this challenge.
Havyard said that it hopes that other markets, such as fisheries, aquaculture and renewable energy, will help to compensate for the downturn in the offshore market.
