French oil giant Technip to fire 6000 employees

The struggling oil and gas market is now provoking a massive round of layoffs at French Technip. The North Sea could come under fire.

Photo: Hjalmar Otto Fjøsne/Aker Solutions

The low oil prices and the oversupplied market for natural gas is now having an impact in France as well. French oil service company Technip is now giving notice of layoffs of up to 6,000 employees.

The company informs in a corporate statement that it will accelerate its cost reductions and efficiency enhancements across the globe as a response to the low oil price, aiming for total savings of USD 911 million - USD 768.4 million of which must be found already by 2016.

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