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Subsea 7 axes contractors but remains confident

Subsea 7 axes contractors but remains confident
SUBSEA 7 has confirmed that about 20 contractors are no longer working for the engineering and construction company in Aberdeen.

SUBSEA 7 has confirmed that about 20 contractors are no longer working for the engineering and construction company in Aberdeen.

A spokesman said: “As a direct result of the current low oil price, this has led to a slowdown in the market for all services related to oil and gas production.

“As it would do at any time, Subsea 7 reviews the ongoing need for contractors as and when a project comes to an end. As a result of the current market conditions, approximately 20 contractors have been released from our Aberdeen office.”

The spokesman said Subsea 7 remained confident in the medium to long-term fundamentals for oil and gas, particular engineering and construction services.

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