Saipem has launched a turnaround plan (“Fit for the Future”). Key points: - €1.3bn savings over 2015-17 (o/w €550m on project costs, €450m from workforce cuts); - 20% headcount reduction (8,800 people) over 2015-17; - Scrapping 5 vessels (4 E&C and 1 mid-water semisub rig); - Reduce footprint in some difficult markets (Brazil, Canada); - €929m write-downs (o/w €718m cash, in net current assets as clients become more rigid/confrontational; €211m in
29 Jul 2015
Turnaround plan: 20% headcount reduction
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Turnaround plan: 20% headcount reduction
Saipem has launched a turnaround plan (“Fit for the Future”). Key points: - €1.3bn savings over 2015-17 (o/w €550m on project costs, €450m from workforce cuts); - 20% headcount reduction (8,800 people) over 2015-17; - Scrapping 5 vessels (4 E&C and 1 mid-water semisub rig); - Reduce footprint in some difficult markets (Brazil, Canada); - €929m write-downs (o/w €718m cash, in net current assets as clients become more rigid/confrontational; €211m in