SBM Offshore restructuring and moving headquartersCompany News // December 12, 2014
SBM Offshore says that in the light of market conditions and in order to optimise the company's cost base, capacity requirements have been reviewed with the objective of creating a productive environment and maintaining core competencies and its technological edge.
"Regretfully SBM Offshore is in the process of releasing approximately 600 contractor staff and an equal number of permanent staff, totalling approximately 1,200 positions worldwide, over the period 2014 and 2015," said the company in a statement.
"Workforce reduction plans will vary by country, based on local legal requirements and in close consultation with work councils and employee representatives."
The restructuring is expected to generate annualized savings of approximately US$40 million relating to company employees. Total redundancy costs of US$25 million are expected, of which US$17 million will be recorded in 2014 and a further US$8 million in 2015.
SBM Offshore is also relocating its corporate headquarters to Amsterdam effective from the third quarter of 2015.