Dutch offshore construction contractor Heerema Marine Contractors (HMC) has announced an imminent restructuring of the company as low oil prices and historic low industry investment continue to hurt the company’s bottom line.
“With market conditions and the outlook further deteriorating since the start of this year, the restructuring focuses on adapting HMC to decreased work volumes and on enhancing the cost efficiency and competitiveness of the company,” Heerema said in a release.
As part of the intended restructuring, Heerema will terminate the contracts of around 200 worldwide office personnel and around 50 fleet personnel. The company has entered into discussions with the trade unions about a severance package.
“We are deeply sorry to have to consider this restructuring, resulting in a loss of colleagues, who every day put so much passion into their work and have helped in establishing our position as a leading company in the offshore industry. We will do our utmost to support them throughout this difficult period and disruption to their lives. At the same time we are convinced that these decisions are crucial for the continuity of HMC,” said Frans den Houter, executive boardmember of HMC.