WorleyParsons axes more than 2000 jobs

WorleyParsons, an Australian provider of technical, project and operational support services, has reported it will lay off more than 2000 employees. 

The company announced expected non-recurring redundancy and onerous lease charges and an increase in general project provisions to the 2015 financial year earnings totalling $125 million (before tax) following a review of current exposures.

According to the press release, the company has experienced deterioration in workload since February as a result of the sustained weakness in commodity prices. WorleyParsons notes that this is particularly the case in North America and has impacted chargeability and margins.

“WorleyParsons is taking further action to adjust its business to market conditions. It includes an expected reduction in employee numbers of more than 2000 and associated onerous lease costs,” the press release reads.

Group outlook

The company says that the management is continuing to balance the long term sustainability of the business with the need to adjust operations by reducing costs. The benefits of this will flow through to the 2016 financial year and are estimated to deliver future annualized savings of AUD 75 to AUD 100 million.

Taking into account the impact of these charges and provisions the company now expects statutory
earnings for the second half to be approximately 50% of the first half of the 2015 financial year.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 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 30 31 1 2 3

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply