Franco-American oil services company TechnipFMC plans to cut up to 700 jobs across its sites in Norway due to the turbulent oil market situation, a spokesman for the company said on Tuesday.
TechnipFMC, whose customers include major oil companies, said it employs 3,100 staff in Norway, and both permanent and temporary staff will be affected.
"TechnipFMC confirms that, due to the unprecedented market situation, the Board of Directors for TechnipFMC in Norway have approved a reduction in the workforce," the spokesman said in a statement, adding that it plans to finalize the process by end of August.
The company said on April 22 that it would slash salaries of executives after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak and downturn in the oil market.
(Reporting by Bate Felix, editing by Louise Heavens)