Falling oil prices and a decline in the market has led Siemens Subsea to cut 95 positions in Norway.
In addition, about 60 employees were affected, the company said in a statement Thursday.
– This is a situation we have been forced to face. It has been a tough market for long time and many have probably seen layoffs and dismissals could come.
It is nevertheless a difficult situation for those who are now affected, says Division Director Are Dahl from Siemens Subsea.
The reason for the deep cuts is weaker marker than that feared in 2016 with a drop-in oil prices of over 55 percent over the past two years.
– This has led to a dramatic fall in the market and far fewer projects coming as expected, the company said.
70 percent of the cuts will be redundancies, while the rest will be layoffs. Six out of ten who must belong to the company’s administration and management, while four out of ten are technical personnel.
The cuts will go worse off operations in Kongsberg, where a total of 50 employees must go. In Trondheim 15 people will be laid off, while 25 will be laid off and two to three dismissed in Bømlo. In Oslo, Bergen and Stavanger, one of two people being affected.
Source: NTB scanpix / Norway Today