Technip to lay off 6,000 workers

Jul 08, 2015 12:00 AM

French engineering company Technip said on Tuesday it will lay off 6,000 workers as parts of its plans to restructure and make significant cost savings.

The firm is targeting savings of over $900mn, $770mn of which to be delivered in 2016 and the balance in 2017.

Technip also said it is anticipating an even more challenging environment in oil and gas, adding that "the sharp fall in oil prices has had a substantial impact on clients’ behavior, national and international oil companies alike."

"New projects continue to be deferred as clients assess their investment priorities in a durably changed oil price environment; on occasion there appears to be irrational behavior in bidding on some of the projects that are being sanctioned.

"Negotiations have been protracted on contract changes and variations, in particular on onshore and offshore projects, where some discussions are now even stopped and will find their resolution through a legal process.

"We conclude that these trends have not improved and, in some cases, have actually worsened over the last two months," Technip said.

The company will pursue the streamlining of its activities which it started last year to focus on its core assets and activities. Employees will be informed and employee representatives consulted in due time on a local basis.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.


The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


Upcoming Conferences
« April 2018 »
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29

Register to announce Your Event

View All Events