Dutch firm SBM Offshore to cut 1,200 jobs worldwideThu, Dec 11 2014
AMSTERDAM, Dec 11 (Reuters) - Dutch oil platform leasing company SBM Offshore said on Thursday it would cut 1,200 jobs as part of a global cost-cutting program.
SBM Offshore, which settled a bribery case with Dutch prosecutors for a record $200 million payment last month, said in a statement half the jobs were contractors and the other were permanent staff.
It said the cuts were expected to save an annual $40 million relating to permanent employees. The measures will cost $25 million, of which $17 million will be booked in 2014 and $8 million in 2015. (Reporting by Anthony Deutsch; Editing by Mark Potter)
Interesting to see another elsewhere in the world. Unfortunate circumstances however.