Dutch offshore and dredging contractor Van Oord said Tuesday it would lay off 500 people, citing effects of COVID-19 on its business.
Van Oord said: "As a company operating on a global scale, COVID-19 is having a major impact on our business. Market conditions in the dredging industry are under pressure and the volatility in oil- and gas prices also triggers a decrease of offshore field services. Consequently, we face a decline in our turnover and a deterioration of our results,"
As a result, the company said it expected to reduce its workforce by 500 people. Of the 500, 120 employees are in a collective redundancy plan in the Netherlands.
"We have requested the Works Council for advice and will start consultation with the Dutch unions. These are difficult measures for our company and employees. But we adapt to remain a healthy, innovative company that capitalizes on the longer-term potential of its markets," Van Oord said.
Offshore Engineer has reached out to Van Oord, seeking more info on where the cuts for the remaining 380 people will be made, and when the layoffs are expected to take effect. Van Oord did not reply.
Subscribe
