Dutch marine service group Van Oord has announced that the company plans to cut around 500 employees from its global operations as part of its measures to adapt and restructure the organisation.
According to the company, market conditions in the company’s two main operating areas, dredging and offshore, are under pressure and it faces a decline in turnover and a deterioration of financial results.
Of the 500 employees to be laid off, 120 employees are in a collective redundancy plan in the Netherlands.
The company has requested the Works Council for advice and will start consultation with the Dutch unions.
“These are difficult measures for our company and employees. But we adapt to remain a healthy, innovative company that capitalises on the longer term potential of its markets,” the company said.