Technip has launched a huge restructuring plan “in anticipation of an even more challenging environment in oil & gas": - 6,000 headcount reduction (15%); - €650m one-off charges; - €830m expected savings (€700m in 2016, €130m in 2017); - fleet downsizing: from 36 (at end 2013) to 23 vessels (two less than the previous plan, no further reductions at this stage). Management notes that the €830m savings address the costs (c. €4bn in 2014) related to people
07 Jul 2015
Restructuring: 15% headcount cut, €650m one-off costs, €830m projected savings
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Restructuring: 15% headcount cut, €650m one-off costs, €830m projected savings
Technip has launched a huge restructuring plan “in anticipation of an even more challenging environment in oil & gas": - 6,000 headcount reduction (15%); - €650m one-off charges; - €830m expected savings (€700m in 2016, €130m in 2017); - fleet downsizing: from 36 (at end 2013) to 23 vessels (two less than the previous plan, no further reductions at this stage). Management notes that the €830m savings address the costs (c. €4bn in 2014) related to people