Petrofac seeks redundancies, considers salary cuts - email - Reuters:
Oilfield services provider Petrofac is launching a redundancy programme that it expects will end up reducing staff numbers by 20% as it seeks to cope with plunging oil prices, according to a source and an internal email seen by Reuters.
The Britain-based company, which said redundancies would be voluntary but could become compulsory if not enough people took up the offer, said it might also consider reducing base salaries by at least 10% for many employees.
“The oil price slump can be expected to have a considerable impact on demand for our services in the short and medium term,” Petrofac Group Chief Executive Ayman Asfari wrote in the email sent to staff on Thursday.
“We must act immediately and decisively to protect the future of our business,” he wrote.
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