zoomImage Courtesy: Heerema

Over 250 job cuts are planned within restructuring efforts announced on Tuesday by Heerema Marine Contractors (HMC), the Netherlands-headquartered owner of crane vessels.

The marine contractor said the restructuring was needed amid continuing low oil price and historic low investments in the oil and gas industry resulting in an increasingly competitive market. This is further exacerbated by deteriorating market conditions since the start of this year, with no prospects of market recovery.

“The restructuring foresees a termination of contract of around 200 worldwide office personnel and around 50 fleet personnel. The management has informed the staff of the intended plans. All changes are subject to consultation with the relevant stakeholders and as a first step the company has asked advice from the Works Council of HMC in The Netherlands. HMC will do everything possible to support those affected and has also entered into discussions with the trade unions about a severance package,” HMC informed.

“We are deeply sorry to have to consider this restructuring, resulting in a loss of colleagues, who every day put so much passion into their work and have helped in establishing our position as a leading company in the offshore industry,” Frans den Houter, Executive Board Member of HMC, said.

“At the same time, we are convinced that these decisions are crucial for the continuity of HMC.”

HMC specializes in the transportation, installation, and removal of all types of offshore facilities, including fixed and floating structures, and subsea pipelines and infrastructures in shallow, deep, and ultra-deep waters.