Bilfinger revealed Thursday that the company had 5,936 fewer employees in the second quarter (2Q) of 2020 compared to the same period last year.
The company’s employee figures stood at 31,533 in 2Q and 37,469 in 2Q 2019. At the end of 2019, Bilfinger employed 34,120, meaning that 2,587 employees have been cut this year. Bilfinger outlined that the near 6,000 employee cuts took place all around the globe, including North America, the UK and Belgium.
In a statement posted on its website, Bilfinger said the difficult business environment due to Covid-19, coupled with the effects of a substantial oil price volatility since March, led to a significant drop in revenues and to losses in the second quarter.
The company added, however, that business performance in June was already better than in April and May, as a result of the easing of European market restrictions associated with the pandemic, a slight increase in demand as well as adjustments to the company’s cost structures.
“This has been a busy past, present and future quarter for Bilfinger,” Bilfinger’s chief executive officer, Tom Blades, said in a company statement.
“We have settled two major legacies of the past, continued to deal determinedly and efficiently with the present Covid and oil price challenges while ensuring that actions taken result in a leaner and more agile company for the future,” he added in the statement.
Bilfinger recorded an adjusted net loss of $36.6 million (EUR 31 million) in 2Q, compared to an adjusted net profit of $7 million (EUR 6 million) during the same period in 2019. The company highlighted that it had settled a dispute with former executive board members and achieved an out of court settlement in respect of the 2009 collapse of the Cologne Municipal Archives.
Bilfinger describes itself as a leading international industrial services provider. The company services the petrochemical, oil and gas sectors, among others.
As of August 13, there have been 20.4 million confirmed cases of Covid-19 around the globe, with 744,385 deaths, according to the latest figures from the World Health Organization (WHO).
To contact the author, email andreas.exarheas@rigzone.com
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