DONG Energy to Slash a Third of Jobs at Oil Unit ahead of IPO
COPENHAGEN, Feb 29 (Reuters) – Danish state-owned utility DONG Energy
The business unit employs around 700 of the 6,700 staff members in the company which in September revealed that it aimed for a public listing within 18 months.
In January, DONG said it would write down about 16 billion Danish crowns ($2.34 billion) of the business unit to reflect a decline in oil and gas prices and "project-specific factors".
"The market conditions are pushing our oil business and therefore we need to adapt the business," press officer Ulrik Frohlke said in a mail to Reuters on Monday.
"That includes, among other things, that we need to reduce our costs and unfortunately also reduce the number of employees," he said, confirming the job cuts first reported by Danish media Finans.
($1 = 6.8382 Danish crowns)
(Reporting by Teis Jensen; editing by Sabina Zawadzki)
WHAT DO YOU THINK?
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.
- European Oil Majors Seek To Harness US Offshore Wind (Aug 01)
- Billionaire Ratcliffe Hunts Oil to Repeat Chemicals Empire Build (May 24)
- NPD Grants Consent for the Expansion of Nyhamna Gas Plant (Feb 10)