Offshore installation and decommissioning firm Allseas is planning to shrink its workforce in the face of low oil prices and the ongoing effects of the COVID-19 pandemic.
The firm confirmed in a statement sent to Rigzone that market conditions have caused current and future projects to be deferred or cancelled, forcing short-term cost-saving measures to reduce operational and personnel costs.
“In addition to deferring small and large investment projects, including upgrades to our vessels and equipment, we must make cuts to our workforce,” the company said. “The lack of offshore projects for the coming years means there is insufficient work to keep all our vessels, and consequently all our crew, busy. Unfortunately, we will have to reduce our crew headcount by a few hundred over the course of 2020. Obviously, any decision we make will adhere to and comply with all the rules and regulations set by relevant labor laws.”
According to the company’s website, Allseas employs over 4000 people worldwide and operates a fleet of specialized heavy-lift, pipelay and support vessels. To date, it has executed more than 300 projects and installed over 23,500 km of subsea pipeline.
To contact the author, email bertie.taylor@rigzone.com.
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