Oslo: Norwegian offshore vessel operator Island Offshore has said that it will be reducing the working hours of all office employees at its Ulsteinvik head office effective August 1.
The move comes as the company looks to further reduce costs. In a statement, it said the reduction would “mitigate the implications of the weak offshore market.” The company has already laid up vessels, as well as delayed new builds, and says that with the reduction in staff working hours it has chosen a collective solution to avoid lay-offs and dismissals.
Håvard Ulstein, managing director of Island Offshore Management, commented “It is important to us to stand together in this. This way we also retain the significant competence we have built up over time. We know that we are asking for a lot of our employees, hence it is very nice to see that everyone support this solution.” says.
Staff working hours will be reduced with 10% and subject to continuous assessment, the company said.