Kristian Siem explains new layoffs at Subsea 7

The costs are quite simply too big with the oil companies no longer taking any chances, explains Kristian Siem, majority shareholder and Chairman of Subsea 7, to Dagens Næringsliv after yet another round of layoffs at the offshore carrier.

Photo: MPA

Over the past year, Norwegian business man Kristian Siem has had the dreary task of announcing repeated layoffs at his companies. And with yet another round of staff reductions at the offshore carrier Subsea 7, of which he his majority shareholder and chairman, he has to do it again.

"Let me be the first to express my regrets that good people are being let go," he tells Norwegian newspaper Dagens Næringsliv on the day after the announcement from the carrier.

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