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Dusseldorf - Dusseldorf Delayed price. Currency in EUR
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6.04-0.08 (-1.31%)
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    Oil services firm Subsea 7 to lay off 3,000 following oil market slump

    Oil services firm Subsea 7 <SUBC.OL> announced on Thursday that it will cut its global workforce by a quarter and reduce its fleet of specialized vessels by up to a third to preserve cash following the slump in the oil market. Oil companies have reduced spending on new projects after oil prices hit decade lows earlier this year due to excess supply as travel and other restrictions imposed to contain the coronavirus pandemic slashed demand for fossil fuels. "Faced with a significant deterioration in the oil and gas market, we are taking swift and decisive action to address the elements under our control," Subsea 7's Chief Executive John Evans said in a statement.

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