Maersk Oil's Danish Business Unit (DBU) will reduce its organization by 160 positions as part of the efforts to streamline the company, informs Maersk Oil in a press release on Monday.

"Our employees have done a great job in getting us to where we are today, and we recognise that this announcement will be unsettling news for them. It is however a necessary step in order to remain competitive in the Danish North Sea and the wider Maersk Oil business," says Maersk Oil COO Martin Rune Pedersen in the statement.

The reorganization will be be implemented in the coming months, with the first phase of the process expected completed in the first quarter 2017.

"What we are announcing today will ensure our long term future in a sustainable manner and it is a step in our efforts to support the Maersk Oil North Sea ambitions. The simpler organization enables us to operate in a leaner and more integrated way with a maintained focus on creating maximum value from safe operations of the mature fields in the Danish North Sea," says Patrick Gilly, Maersk Oil DBU Managing Director, in the press release.

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