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.