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Akastor confirms further job losses

Energy Voice

Akastor confirmed it would continue to cut employee numbers, reaching an overall reduction of 33%.

The confirmation came as the company reported its third quarter earnings.

The firm recorded a turnover of NOK3.6billion – a 28% decrease on last year’s NOK5billion.

Akastor’s “portfolio companies have initiated plans to reduce workforce by 33% in aggregate”, according to the financial report.

The move will save the firm NOK1.4billion.

“The implemented reduction in workforce for all Akastor companies so far in 2015 is 20%, down by 1,500 employees to 6,098 at the end of September 2015,” the statement added.

Akastor chief executive, Kristian Røkke, said: “The business environment affecting Akastor’s portfolio companies remains challenging and is expected to weaken further over the coming quarters. We are intensely focused on adjusting each portfolio company’s cost base, while preserving organizational capabilities and delivering increased value to customers. Our specialized businesses will be ready for market activity growth when that time comes.

“It has been an exciting first few months as Akastor’s new CEO and a privilege to engage with the organization’s talented personnel. While many signs point toward a prolonged downturn in the offshore and oil service sectors, we are dealing decisively with today’s fundamental business realities to both ensure profitability at lower activity levels and to build a stronger Akastor for the long-term.”

Akastor’s portfolio companies include MHWirth, Frontica, AKOFS Offshore, Fjords Processing, KOP Surface Products, EZRA, DOF Deepwater, FirstGeo and Step Oiltools.

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