TGS to shed 130 staffCompany News // November 17, 2015
In order to improve organizational efficiency and competitiveness seismic company TGS is implementing a cost reduction and efficiency plan.
In view of weak market conditions the company has continued to review its cost base with the aim of identifying organizational efficiencies, improvement potential and cost saving opportunities across all business units and levels. On the back of the review TGS will implement a number of measures and changes that will further improve the company's competitiveness and support operational cashflow.
As a result of the above, TGS' global workforce will be reduced by approximately 130 people, corresponding to around 16 per cent of the total workforce. This will reduce operating expenses by approximately US$13 million per annum from the beginning of 2016.