SBM Offshore Plans to Cut About 1,200 Jobs as Oil Prices Tumble
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SBM Offshore NV plans to cut 600 jobs and release an equal number of contract staff this year and next as oil prices trade near the lowest in more than five years.
“Workforce-reduction plans will vary by country, based on local legal requirements and in close consultation with work councils and employee representatives,” the Schiedam, Netherlands-based supplier of floating oil platforms said today. SBM said redundancy costs will probably be $25 million.