Oil Services Firm Aker To Cut two hundred eighty UK Jobs

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Source:   —  April 19, 2016, at 4:14 PM

The Norwegian firm is cutting costs as it's hit by the plunge in the oil price which has squeezed spending in the industry.

Oil Services Firm Aker To Cut two hundred eighty UK Jobs

Oil industry engineering company Aker is to slice around two hundred eighty jobs in Aberdeen and London as low energy prices squeeze the industry.

The cuts represent eleven percent of the Norwegian group'south UK workforce.

It's the latest blow to the which has seen thousands of jobs go amid the slump which has seen the price of a barrel of Brent crude fall from more than $115 in June two thousand fourteen to less than $30 earlier this year. It's currently around $40.

Aker had suspended dividend payments in Feb and warned market conditions would stay challenging as the slump in prices has led to reduced spending by oil firms.

The company said it'd begun "a consultation with employee representatives on reducing its UK subsea workforce capacity because of a continued market slowdown".

David Clark, Aker Solutions' regional head for Europe and Africa, said: "These are tough but required measures to assistance ensure we stay competitive during a challenging time for our industry."

Aker employs around 15.000 people worldwide including 2.500 based in Britain.

The work cuts are portion of Aker'south map to reduce costs by shrinking its workforce by twenty-five percent compared with mid-2014. Latest mo it announced six hundred jobs would go in its Norwegian subsea engineering and services division.

Oil was ahead in the latest session as a strike by Kuwaiti workers cut production.

But there was on the price earlier this week after major producers meeting in Qatar failed to reach an agreement on trimming output to tackle the global glut of supply that's caused the slump.

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