Saipem has said it will cut 800 more jobs across Europe in the next four years as it looks to make cost savings.
The Italian oil contractor said the move is being made as part of a plan to cope with a prolonged market crisis that will trim revenues next year.
Saipem chief executive Stefano Cao said the outlook remains uncertain, with meaningful market recovery “delayed to 2017 and beyond”.
The firm, which is controlled by oil major Eni, expects sales to be around €10billion next year from €10.5billion this year.
Meanwhile, net profit including reorganisation costs, will be more than €200million next year from an adjusted net profit of €250million this year.
The contractor announced job cuts of 8,000 last year in a business overhaul.
The contractor, which employs some 45,000 people, is a market leader in subsea engineering and construction (E&C) work including the world’s most expensive oil field, Kazakhstan’s Kashagan.
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