Offshore layoffs hit equipment suppliers as TTS Offshore Solutions makes redundancies

Offshore layoffs hit equipment suppliers as TTS Offshore Solutions makes redundancies

TTS Offshore Solutions today announced plans to lay off workers, showing equipment suppliers are not immune to the strain of the weak offshore shipping market while the price of Brent crude stays low.

A workforce of approximate 30 full-time equivalents will be temporarily laid off by the company, which manufactures a range of cranes, winches and other lifting equipment for offshore vessels.

Another 20 or so full-time equivalents will be contracted out to other TTS companies, parent company TTS Group said in a filing to the Oslo Stock Exchange today.

The contract adjustments affect around 40% of employees TTS’ offshore operations in Norway and Poland.

Yesterday, Norway’s North Energy announced it will close its offices at Tromsø and Stavanger, where its staff will be made redundant, due to “persistent difficult market conditions”.

Some 5,500 jobs have been lost in the UK’s North Sea oil and gas sector alone since late last year, the UK’s new Oil and Gas Authority said in a report published earlier this month.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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