Maersk Oil is cutting about 220 jobs in the UK. The oil and gas company said it was reducing its workforce by between 10% and 12% globally to cut operating costs by 20% by the end of 2016.
The UK jobs are linked to the retirement of the North Sea Janice oil installation and changes to offshore rotations. The Danish operator said the move followed an “extensive internal review of business activities and continued low oil prices”.
It brings the total number of positions cut from the organization during 2015 to about 1,250.
Maersk Oil Chief Executive Jakob Thomasen said, “These are difficult decisions for any business and my immediate concern is for the welfare of those affected directly by today’s news”.
The material has been provided by InstaForex Company – www.instaforex.com