Global petrochemicals engineering firm Subsea 7 is to cut 430 jobs in the UK and a total of 1,200 worldwide. Currently there are 9,200 people working for the company. This is the second phase of the Norwegian company’s attempt to reduce costs after “continued difficulty” in the oil and gas industry. The majority of the UK cuts will be in the North, mainly in Aberdeen. It also intends on taking out five ships out of its current active fleet by the beginning of 2017 as part of a wider plan to cut more than GBP 200m from its cost base by the end 2016. In 2015 the company also went through a cost reduction scheme and cut 410 UK jobs.
