Reduced working hours at Island OffshoreCompany News // June 23, 2015
Norwegian offshore vessel owner Island Offshore has announced that, in order to reduce costs, it is introducing reduced working hours for all office employees at its headquarters in Ulsteinvik, with effect from 1 August 2015.
In a statement, the company said this was being done "to mitigate the implications of the weak offshore market, layup of vessels as well as postponed newbuilding deliveries.
"Island Offshore has chosen a collective solution to avoid lay- offs and dismissals," said the company.
“It is important to us to stand together in this. This way we also retain the significant competence we have built up over time. We know that we are asking for a lot of our employees, hence it is very nice to see that everyone support this solution,” said Håvard Ulstein, managing director of Island Offshore Management.
Working hours will be reduced by 10 per cent, and the arrangement will be continuously assessed in light of the market situation.