TTS Offshore Solutions is to ‘temporarily’ layoff 50% of its employees, cutting 40 more jobs in addition to the 30 lost September.
The job cuts will be made with “immediate effect” in the the company’s subsidiaries in Norway and Poland.
The company manufactures a range of cranes, winches and other lifting equipment for offshore vessels, showing suppliers are being hit as hard as vessel operators by the downturn in crude prices and offshore services market.
“The significant adjustment is due to the current offshore market situation, which is very challenging with low visibility on the sales side,” parent company TTS Group said in an exchange filing today.
