PARIS: Technip, which employs 38,000 people in 48 countries, has accelerated cost-cutting measures and warned up to 6,000 jobs are at risk.
Technip has set out to make targeted savings of €830million almost £590million over 2016 and 2017.
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The French company, with a UK base in Aberdeen, says it is looking to reduce its presence in some onshore and offshore markets “where profi table business is unlikely even in the medium term, including selected countries in Europe, Asia and Latin America, including Brazil”.
It said the restructuring plan will see its global workforce cut by about 6,000, while its asset base will be optimised.
It also warned of cost reductions “in those markets where new project awards are under pressure, for example, in the North Sea”.
Chairman and chief executive Thierry Pilenko said: “The slowdown in the oil and gas industry is prolonged and harsh.
“Therefore, we have decided to accelerate our cost reduction and efficiency measures – which I know will have tough consequences for employees.
