PETROFAC is laying off staff across different business segments as an uncertain business outlook in some of its key markets triggers further cost-cutting. The job cuts at the London-listed oilfield services player will number dozens rather than hundreds, and are affecting mostly middle and senior management roles, three people familiar with the matter told Upstream. "The cuts are being carried out across the board," one of them said. One of those consulted by Upstream said Petrofac could end up downsizing its workforce by up to 200 in the latest round of redundancies, but others suggested the number would be lower. Project watchers said awards for several big-ticket engineering, procurement and construction projects are taking longer than usual, impacting Petrofac's businesses and profitability. The company recently handed over termination notices to employees in positions ranging from its conventional oil and gas EPC division to its emerging new energy business, which caters to energy transition projects, Upstream was told. Petrofac told Upstream that like all businesses, it continually reviews its cost base and structure. "We reshaped and simplified our organisation over the last 18 to 24 months and are committed, as part of our strategy, to maintain this discipline," a company spokesperson said. However, Petrofac did not elaborate further on the number of employees affected by the recent job losses.
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