Heerema Marine Contractors announces intended restructuring
Heerema Marine Contractors (HMC) today announces the intention to implement a restructuring of the company. The restructuring is related to the continuing low oil price and historic low investments in the oil and gas industry resulting in an increasingly competitive market. With market conditions and the outlook further deteriorating since the start of this year, the restructuring focuses on adapting HMC to decreased work volumes and on enhancing the cost efficiency and competitiveness of the company.
As a result of the intended restructuring it is anticipated that the work force will be reduced with compulsory redundancies unfortunately being unavoidable. The restructuring foresees a termination of contract of around 200 worldwide office personnel and around 50 fleet personnel. The management has informed the staff of the intended plans. All changes are subject to consultation with the relevant stakeholders and as a first step the company has asked advice from the Works Council of HMC in The Netherlands. HMC will do everything possible to support those affected and has also entered into discussions with the trade unions about a severance package.