Fugro to Cut 600 Employees in 'Coming Quarters'

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.”



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)


Most Popular Articles

From the Career Center
Jobs that may interest you
Foreman Fleet Operations
Expertise: Logistics Management|Operations Management
Location: Midland, TX
 
Project Manager - Pipelines
Expertise: Pipeline Engineering|Project Management
Location: Houston, TX
 
Administrative Assistant III Job
Expertise: Secretarial or Administrative
Location: Township of Maple Grove, MN
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours