Offshore industry newsletter Frontrunner is reporting American offshore engineering specialist McDermott is drastically cutting back its plans for the North Sea market. The company’s Aberdeen office is closing.
“The softness of the North Sea market has consequences,” the report in Frontrunner noted, adding: “When a key region is seeing minimal spending, far reaching changes have to happen. Not just because the cost base of the industry is being reset, but because when the market is flat as a pancake, then the competitive landscape changes too.”
Back on home soil, McDermott has also let go of 25 staff at its Houston office.