Maersk Oil will reduce its workforce by up to 12%, the company has announced today.
The move is part of the company’s attempt to reduce operating costs by 20% by the end of 2016.
Maersk said it follows an “extensive” review of its business activities amid continued low oil prices.
The company said in the UK the business has already outlined plans to reduce headcount by 220 positions.
Maersk said this was in line with retirement of the Janice asset and changes to the offshore rotation pattern.
A further 60 roles are set to go in Angola and in the US associated with delays in the Chissonga project announced last month.
Chief executive Jakob Thomasen said: “These are difficult decisions for any business and my immediate concern is for the welfare of those affected directly by today’s news.
“We are operating in a materially changed oil price environment and have taken necessary decisions to reduce activity levels through 2015, and ensure we focus where we can see adequate returns from our most robust projects. This approach has seen us sanction mega-projects like Johan Sverdrup and Culzean during the year. We remain focused on longer term growth opportunities, which play to our technical strengths, and the continued safety of all our people and assets.
“We expect the pressure to continue into 2016 and we must remain cost-focused to grow in this market. I commend our people for the improvements in our operating performance whilst we have been managing down costs across the organisation.”
In the UK, the business has already outlined plans to reduce headcount by around 220 positions.
This is linked to the retirement of the Janice asset and changes to the offshore rotation. Meanwhile 60 roles in Angola and the United States associated with delays in the Chissonga project were announced last month. Both actions fall within the scope of today’s communication.