Seadrill cut 112 offshore workers in Houston

SeadrillThe offshore operator Seadrill plan to cut 112 offshore workers in Houston engaged with operations of semi-submersible rig West Capricorn. The platform is employed in Gulf of Mexico under charter contract with BP. The decision comes after the charteur extended its standby period for the rig and leave the employees without job. The process of employees lay-off will start on May 1 and expected to finish until May 14. All the workers will compensated according to the contracts and social policy of the company. Seadrill cut total 2,347 jobs in 2015 and is looking to continue layoffs through the whole 2016, due to the negative trend in offshore sector.

“The decision of BP was sudden, unexpected and outside of Seadrill’s control”, said the director of human resources in the company, Bill Traylor.

The company is facing hard months in delaying offshore sector, caused by low oil prices. The management is trying to improved balance sheet, liquidity and cash flows, implementing cost reduction program and management restructuring.

“In the face of the severe downturn in our industry our priorities for 2016 are to conserve cash and address our financing needs”, added the CEO of Seadrill Management, Per Wullf.

Seadrill is a deepwater drilling contractor which provides drilling services to the oil and gas industry. It is incorporated in Bermuda and managed from London. The company operates semi-submersibles, jack-ups and drillships.