North Sea oil and gas firm Canadian Natural Resources International (CNRI) has reported a swing in fortunes as it crashes to a significant loss in Q1 2020.
Losses from an arbitration case in Singapore and impairments from a seismic data business saw Dutch marine firm Fugro sink to a heavy set of losses last year.
Offshore contracting company Subsea 7 plunged into the red last year, hit by continuing low oil prices and reduced client activity.
Fugro said it will make a further 600 job cuts to its business as well as the sale of one of its business units as it looks to cut costs in response to the lower oil price.
Petrobras said it has approved a voluntary layoff program to reduce its headcount by an estimated 12,000 job losses by 2020.
During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation.
Bibby Offshore has launched a jobs consultation with staff over redundancies from its North Sea operations. It is understood around 120 jobs are under consultation with around 40 job losses expected across all departments.
Thousands more steel jobs could be lost if action is not taken to tackle the threats facing the industry’s “vulnerable” supply chain, the Government is being warned. The International Steel Trade Association (Ista) said scores of medium sized firms were at risk if the crisis gripping the industry escalates. Thousands of job losses have been announced in recent weeks by Tata Steel and SSI in Redcar, Scunthorpe and Scotland, with cheap imports and high energy costs being blamed.
Fears about fresh job losses in the steel industry have been confirmed after Tata announced plans to cut 1,200 posts. Around 900 jobs will be cut from the firm’s giant plant in Scunthorpe, with 270 in Scotland and a small number in other sites. The firm said the cuts were in response to a shift in market conditions caused by a “flood” of cheap imports, particularly from China, a strong pound and high electricity prices.
CHC has confirmed 18 employees have been made redundant after a consultation took place over roles. The company said it had been able to minimise the loss to its North Sea operations. In August CHC began a consultation with staff estimating 50 positions could be affected at its Aberdeen base.
Ensco will reduce its onshore support jobs by a further 14% in a bid to streamline costs amid the continued decline in oil price. The offshore driller previously said earlier this year it had halved its onshore workforce by 50%.
Daewoo Shipbuilding & Marine Engineering in South Korea is set to sell non-core assets and will shut down or exit its non-essential units as part of restructuring after a being hit with losses in the second quarter.