Transocean will cut positions, consolidate onshore business

Transocean Ltd. announced April 30 that it will cut jobs and close some of its onshore facilities in order to improve operating margins.

Transocean Ltd. announced April 30 that it will cut jobs and close some of its onshore facilities in order to improve operating margins. While the number of workers expected to be cut has not been specified, the company said it will save approximately $300 million.

The cost reduction initiative is also intended to "align the company's shore-based support infrastructure with the post-divestiture size, composition and geographic location of its fleet," according to Transocean's statement. Transocean hopes the restructuring will result in a more efficient and focused organization. The company also wants to offer support to its rig operations without compromising safety or operational integrity.

The reduction in onshore costs will come from the consolidation of facilities, the streamlining of business functions and processes and from programs and tasks that are not central to supporting the company's core business of safely operating rigs.

The company said the realization of the shore-based initiative are expected to begin in early 2014. Transocean said the organizational efficiency initiative of onshore operations as well as an offshore operations initiative will improve the company's competitiveness.

Visit PennEnergy's research area to lean more about active drilling rigs in the United States.

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

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs