Netherlands based maritime services firm Royal Boskalis Westminster N.V. is to axe around 230 jobs in a cost cutting exercise designed to save between EUR 30-35 million
The firm blamed “deteriorated” market circumstances and the expected long spell of low energy price as the reasons for the cuts.
They will be implemented at the firm’s head office in Papendrecht over the next 18 months.
Boskalis said compulsory redundancies can not be ruled out.
A study found that the firm was badly impacted by the negative market developments, mainly as a result of the low oil price.
Initial steps to respond to this were taken last year with the announcement of a fleet rationalization and cost reduction program.
A significant part of the fleet rationalization program was already implemented in 2016 and an impairment charge was taken on the offshore fleet and goodwill.
Royal Boskalis Westminster N.V. is a global services provider operating in the dredging, maritime infrastructure and maritime services sectors.