SBM takes action following market slowdown

Offshore staff

MONACO – SBM Offshore is to release 600 contractor and 600 permanent staff worldwide in response to the downturn in market.

As a result of this action, to be implemented during 2014-2015, it aims to generate annual savings of around $40 million, with total redundancy costs of $33 million.

In addition, the company will relocate its corporate headquarters to Amsterdam effective from 3Q 2015. The reasons, SBM says, include the presence of many stakeholders in the Netherlands, the company’s Euronext listing and the proximity to Schiphol international airport.

Around 100 people will work with the management board from new offices in the Amsterdam region. The company stresses that Monaco will remain a strategic location for technology, engineering, and operations.

12/11/2014

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...