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SBM Offshore cutting 1,200 jobs and moving to Amsterdam

SBM Offshore cutting 1,200 jobs and moving to Amsterdam
SBM Offshore is to axe 1,200 jobs, 600 each of contractor and permanent staff, as part of its restructuring.

The lay-offs, which are spread globally and will take place in 2014 and 2015, will save around $40m annually, with redundancy costs expected to be around $25m.

The company also announced that its corporate headquarters will move to Amsterdam in the third quarter 2015 from its current offices in Monaco.

SBM Offshore ceo Bruno Chabas,commented: "Although we regret losing some of our colleagues, we believe these steps are necessary to deliver value to our stakeholders and drive profitable growth over time."

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