Sevan Marine to cut headcount again, remaining staff offered salary cuts

Norway’s Sevan Marine reduced its global headcount by almost 30% during the fiscal year 2015 and has plans to cut another 15% to 20% of its workforce this year.

The offshore technology and engineering company said cost-cutting measures such as lay-offs saved the company over $4m last year.

During 2016, Sevan plans to implement voluntary salary cuts for staff and senior management, “simplification” of the group’s structure and “stringent” control of its operating costs.

Temporary leave for certain employees was instated during the fourth quarter 2015. The company also consolidated its offices in Arendal, Norway.

The cost-cutting measures have helped the Oslo-listed company narrow its net losses, which in Q4 2015 was $8.4m, compared to $15.9m in 4Q 2014.

Its operating revenues increased from $25.2m during the fourth quarter of 2014 to $27.2m in the same period in 2015.