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2015-07-09 19:05:00

TECHNIP WILL REDUCE 6,000

TECHNIP WILL REDUCE 6,000

France's Technip said Tuesday that it will lay off 6,000 workers as oil and gas firms continue to defer projects amid low oil prices.

Technip will reduce its global workforce by 6,000 employees and accelerate cost reduction and efficiency in "anticipation of an even more challenging environment in oil and gas."

The company is still reeling from last year's oil price rout that prompted oil and gas firms to slash budgets and put projects on the back burner.

Technip said that negotiations for contract changes and variations have been "protracted" and added that some onshore and offshore project discussions have "stopped and will find their resolution through a legal process."

"We conclude that these trends have not improved and, in some cases, have actually worsened over the last two months," Technip added.

The company also plans to ramp up its direct and indirect cost cutting efforts while maintaining its strategic direction.

The restructuring plan will target savings of $907 million, with about $765 million in savings to be delivered in 2016 and the balance in 2017.

The plan will have one-off charges of about $710 million.

Technip added that its subsea unit "continues to execute well" and the outlook for full year adjusted operating income from recurring activities has been confirmed.

petroglobalnews.com

More:

TECHNIP: €1.5 BLN FOR CGG

150,000 JOBS LOST

OIL PROJECTS CUTS $100 BLN

EUROPE'S OIL VICTIM

WEATHERFORD CUTS JOBS

Tags: OIL, GAS, PRICES, TECHNIP, FRANCE,

Chronicle:

TECHNIP WILL REDUCE 6,000
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

TECHNIP WILL REDUCE 6,000
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

TECHNIP WILL REDUCE 6,000
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

TECHNIP WILL REDUCE 6,000
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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