TGS to cut 16% of workforce

TGS to cut 16% of workforce

Norwegian seismic specialist TGS-NOPEC Geophysical Company (TGS) has announced the implementation of a global cost reduction and efficiency plan which will result in the loss of 130 jobs.

The plan has been implemented in order to further improve organizational efficiency and competitiveness the company said in view of the weak market conditions.” The company also said it will also write down the value of selected MC surveys, amounting to a $150m impairment to be booked into the results for the fourth quarter of 2015.

The workforce reductions make up around 16% of the TGS workforce and will reduce operating expenses by around $13m annually starting from the beginning of 2016.

“This was a very difficult decision and we are committed to assure that the employees leaving the company through this necessary action will be treated with dignity and respect in accordance with TGS’ values,” the company said.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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1 Comment

  1. TC
    November 17, 2015 at 10:47 am

    “…will be treated with dignity and respect in accordance with TGS’ values,” the company said.”

    What a joke. Maybe for those lucky enough to be based in the European offices. Goodluck if you’re based in the USA.