Technip started with 100 employees in the year 1958 in Paris. It has grown in size and has spread its operations worldwide with 38000 employees across 48 countries.
At present the Multinational has announced a proposed slash of 6000 employees from its workforce worldwide in view of the challenging environment in oil and gas sector. The layoffs will take place in a phased manner over the next 18 months. This comes in the wake of several other companies that have already reduced their workforce to deal with volatile global oil prices.
Thierry Pilenko, Chairman and CEO of Technip said that the company’s decision to restructure comes with a view to offset the accelerating cost of operations and to increase their efficiency in worldwide operations. The restructuring plan will save the company $913 million by the end of year 2017.
The company has also decided to reduce or withdraw operations from non-performing segments which include some of its onshore/offshore markets where profitable business is doubtful. At the same time, the Company plans on reinforcing its investments in key geographical and technological areas such as the “Floating liquefied natural gas”. The company has also decided to reduce its fleet to 23 vessels in its subsea sector operations.
Mr.Pilenko is quoted to have said “the slowdown in the oil and gas industry is prolonged and harsh; the restructuring will have tough consequences for employees across the Group”.