06 July 2015, News Wires – French engineering giant Technip will lay off some 6000 workers as part of a major restructuring effort aimed at countering an oil and gas market that the company reckons will get even more challenging in coming months.
The global overhaul, in which Technip will accelerate cost reduction efforts with an eye on life beyond the downturn, will target savings of around €830 million ($919.6 million), about €700 million of which will be be delivered in 2016.
Technip expects to take one-off charges of €650 million related to the restructuring.
“The slowdown in the oil and gas industry is prolonged and harsh. Therefore we have decided to accelerate our cost reduction and efficiency measures – which I know will have tough consequences for employees across the group,” said chief executive Thierry Pilenko.