Oxy enacts pay cuts amid deeper budget cuts
Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows.
pay cuts
Idle workers, inevitable cuts: Ministers grade the Saudi economy
Saudis who switched on a popular talk show last week to listen to officials explain why state employees had their take-home pay cut were in for a shock.
Prosafe not expecting oil market recovery, plans pay cuts
Offshore accommodation provider Prosafe said there was no oil price upturn on the horizon after proposing a round of staff pay cuts. According to one Prosafe worker, who wishes to remain anonymous, the Norwegian company will implement pay cuts across the board from May. The employee said the firm’s top brass were taking pay cuts of 5-7%, while staff on lower wages faced reductions of 20-28%.
Dron & Dickson defends offshore pay cut plans
Scottish energy service firm Dron and Dickson (D&D) yesterday defended its decision to push for a second round of pay cuts in less than a year for its offshore workers. D&D, a specialist in the design, supply and maintenance of hazardous-area electrical equipment, blamed the move on the oil and gas price rout and said it hoped pay cuts would prevent job losses. Union bosses said they would try to convince the firm to drop its proposals, which were labelled “disgusting” by staff members.