With its own clients cutting projects due to low oil and gas prices, the French oil industry engineering and construction group is looking to cut its costs by more than £500 million by the end of 2017.
“The slowdown in the oil and gas industry is prolonged and harsh,” Chief Executive Thierry Pilenko said in a statement.
The company is to reduce its activities, close offices in unprofitable countries and sell non-essential assets. Its fleet of vessels would also be trimmed back by early next year.
Technip did not provide a breakdown of where its job cuts will occur.
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