Kristian Siem-backed offshore owner Subsea 7 has revealed further plans to cut jobs and reduce its fleet size in the shipping slump.
The Oslo-listed company said it will shed another 1,200 positions by early 2017, from its global headcount of 9,200.
It blamed “continued difficult business and economic conditions in the oil and gas market.”
Consultation with employees and unions have already begun in Norway and the UK.
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