Maersk slashes workforce amid oil price slump

The Associated Press

Maersk Oil, the oil and gas unit of Danish shipping and energy conglomerate A.P. Moller-Maersk, says it will cut 1,250 jobs this year, reducing its workforce by 10-12 percent due to the slump in oil prices.

STOCKHOLM (AP) — Maersk Oil, the oil and gas unit of Danish shipping and energy conglomerate A.P. Moller-Maersk, says it will cut 1,250 jobs this year, reducing its workforce by 10-12 percent due to the slump in oil prices.

Maersk Oil said Monday the move would help reduce operating costs by 20 percent by the end of 2016 and "follows an extensive internal review of business activities and continued low oil prices."

Noting that Maersk operates "in a materially changed oil price environment," chief executive Jakob Thomasen said the pressure is expected to continue in 2016 "and we must remain cost-focused to grow in this market."

Maersk Oil produces about 555,000 barrels of oil a day in Denmark, Britain, Qatar, Kazakhstan, the U.S. Gulf of Mexico, Algeria and Brazil.

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