Subsea 7 has announced that, in view of the difficult business and economic conditions in the oil and gas market and declining workload, a programme of cost-reduction measures will be implemented, including a resizing of the fleet and workforce and the restructuring of its corporate organisation. It is envisaged that the overall reduction in the global workforce would be approximately 2,500 by early 2016, down from the 13,000 reported at the end of 2014. Consultation with employees and employee representatives will continue to take place on a local basis, and consultation processes have begun in Norway and the UK.
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