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    Subsea slowdown leads to adjustments at leading players

    News // October 9, 2014

    Seabrokers reports that in the wake of what it called "the general cooling in the market" and with Statoil suspending or cancelling contracts as it streamlines its rig portfolio in the face of high costs, several companies have announced staff reductions to combat the projected slowdown in activity for 2015.

    Subsea 7 will downsize its workforce in Norway by 100-150 employees due to project delays. Oceaneering is letting go of around 30 employees in Norway, while Halliburton is reducing its Norwegian workforce by 46 people.

    Aker Solutions, Odfjell Drilling, Baker Hughes, Apply Sorco and others are also reported to be reducing their employee base for the same reasons: the lack of spending by oil firms.

    "However," said Seabrokers, "it is not just the subsea market facing uncertain times, as Technip is closing down its offshore wind division, with a loss of 190 jobs, on the back of difficulties in getting access to finance."

    Earlier this year, the Norwegian Petroleum Directorate said it planned to receive 13 field development plans from oil companies in 2014, but last month the organisationís Director Bente Nyland told Reuters that most of the development plans have been delayed and they do not expect to receive any more plans before the end of the year.


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