Hundreds of Subsea 7 North Sea jobs may be at risk

Hundreds of North Sea jobs are thought to be under threat at an offshore oil and gas company.

Underwater engineering firm Subsea 7 has announced it is to cut 3,000 jobs from its 12,000 global workforce.

It is believed several hundred of those could be cut in the UK. Subsea 7 has offices in Aberdeen, a support yard in Glasgow and engineering facilities at Wick and Leith.

The company announced "cost reduction measures" on Thursday.

After revealing proposals in April, Subsea 7 has now said that about two-thirds of the reduction would affect the non-permanent workforce and one-third would affect permanent staff.

It said that discussions were taking place with local employee representatives.

'Oil and gas market deterioration'

By the second quarter of 2021, the company is hoping to make annual savings of $400m (£325m).

Subsea 7 Chief Executive Officer John Evans said: "Faced with a significant deterioration in the oil and gas market, we are taking swift and decisive action to address the elements under our control.

"These measures to reduce our cost base will help preserve cash and protect our balance sheet strength, while maintaining our strong competitive position in core markets."