New Round of Layoffs at Maersk Drilling
taken to initiate consultations with employee representatives and trade unions where such consultations are required locally."Maersk Drilling expects that the process would lead to a total of 150-170 onshore redundancies globally.CEO Jorn Madsen said: "With the outbreak of COVID-19 and the lower oil prices we are facing an unprecedented reality with significant implications for our business. Our ambition is to remain a leading company in our industry, and in order to safeguard that position we need to adapt our cost structure to the current business environment. This means that we need to take
Hennigan Tapped as New Marathon CEO
the spinoff of its Speedway retail operation.Reuters reported last week that Marathon was considering a sale of assets worth as much as $15 billion at its midstream business MPLX LP, looking for a cash boost at a time when a looming economic slowdown triggered by the coronavirus outbreak and lower oil prices weighed on its prospects.(Reuters
Kemp: Gulf Migrant Workers Will Be Biggest Victims of Oil Shock
model is under threat from the slump in oil prices, which has pushed the government budget deep into the red and the economy close to recession. Jobs Imperative Intensified efforts at Saudisation of the workforce are a centre piece of the government's programme for adjusting to lower oil prices and creating more private sector employment. Even before the slump, the unemployment rate for Saudi nationals was 11.7 percent, according to the International Monetary Fund. But unemployment was much worse for certain demographic sections including women (33 percent) and young
Wärtsilä Cuts 600 Jobs, Cites Weak Market
Marine Solutions, Senior Executive Vice President, Wärtsilä Corporation, said, “The marine industry has been slow in recovering from the global economic crisis and new shipbuilding contracting is weak. At the same time, the offshore oil and gas industry has been adversely affected by lower oil prices. In addition, there are risks related to vessel owners negotiating extensions to existing delivery contracts. The combined impact of these developments has created a challenging market situation for the entire marine sector.” Eskola continued, “These unfortunate capacity
