North Sea 'under pressure' as Technip sheds 6,000 jobs

Engineering and construction firm Technip has announced it is to cut about 6,000 jobs worldwide, with the North Sea workforce set to be affected.

The company employs about 1,000 people in the North Sea.

A statement included the warning: "Cost reduction will be in those markets where new project awards are under pressure (for example the North Sea)".

Technip employs about 38,000 people in 48 countries. The plan is to cut costs by more than 拢500m.

'Tough consequences'

Chairman Thierry Pilenko said: "The slowdown in the oil and gas industry is prolonged and harsh.

"Therefore we have decided to accelerate our cost reduction and efficiency measures - which I know will have tough consequences for employees across the group."

Full results for the second quarter will be published on Thursday 30 July.