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.