Energy services firm TechnipFMC has announced a reduction in spending of more than 30% in response to the coronavirus outbreak.
The firm, who projected $450m capital expenditure for 2020, has reduced that to $300m.
Cost reductions of $130m are also to be made from its surface technologies business in the US and in “annualised cost reductions to corporate expenses”, the latter being full recognised in 2021.
The company said it has “solid financial strength and liquidity” with cash and cash equivalents of $5.2bn.
TechnipFMC did not outline any plans for job reductions in the update.
The firm said it was taking “necessary steps to ensure the health and well-being of its employees, contractors and partners.”
It added: “TechnipFMC continues to leverage its global footprint, information technology infrastructure and diverse and talented workforce to ensure business continuity in the current environment. The Company is also working in close cooperation with its clients to ensure the best project execution possible during this challenging period.”