BW Offshore slashes onshore headcount by 35%

BW Offshore is making drastic cuts to its onshore staffing levels in a bid to stave off the pressures brought about by the continued low price of oil. The company will let go of 35% of its onshore staff within the next month, shaving $30m off its annual costs, BW Offshore told the Oslo Bors today.

“Macro conditions for the offshore industry have continued to deteriorate over the past months and BWO expects reduction in industry capital expenditure to continue. The FPSO industry is equally affected and the situation does not seem likely to change in the short term,” the company said in a release

A provision will be booked in the Q1 2016 accounts to cover costs related to the reductions.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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