Subsea 7 to Cut 3000 Jobs, Reduce Vessel Fleet

Offshore installation and construction specialist Subsea 7 will cut 3000 jobs by 2021, and reduce its active vessel fleet, it said in a statement on Thursday.

Subsea 7 a month ago said that with the deterioration in the outlook for new oil and gas awards, it would “resize” the business to save $400 million in annual cash costs by the second quarter of 2021.

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