Netherlands-based geotechnical, survey, subsea and geoscience service provider Fugro announced Friday that it will reduce its headcount by around 600 employees in “the coming quarters” as it continues to adjust its cost base and capacity to “the market reality”.
Compared to year-end 2015, personnel count was reduced by 363 employees in the first quarter of this year. Headcount was 1,664 lower in 1Q 2016 than the same period last year, which equates to around 13 percent of the company’s total personnel.
Commenting on the continued oil price downturn, Fugro said in a company statement:
“The timing of the recovery of the oil services market remains uncertain. During the past months, clients’ exploration and production budgets again declined significantly, putting further pressure on activity and pricing levels. For the foreseeable period, Fugro has to deal with the deteriorated market conditions.”
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