11/27 7:38 North Sea Oil Yards Scale Back, to Cut 3,300 Jobs, Paper Says
By Simon Spurgeon
London, Nov. 27 (Bloomberg) -- Two North Sea oil construction yards run by Barmac will scale back operations and cut 3,300 jobs, the Daily Telegraph reported, citing Don Wright, the managing director. The yards, at Nigg and Ardersier in Scotland, are to be put on a care and maintenance basis as a result of cutbacks in investment and the earlier slide in oil prices. Barmac -- a joint
venture between Halliburton Co., the largest U.S. oilfield service and equipment company, and McDermott International Inc. -- and the government have tried to head off the crisis without success, even though oil prices have doubled this year, the newspaper said.
Halliburton said earlier this month that it is opening new
funds and hiring new managers to help oversee investments for British pensioners.
(The Daily Telegraph 11/27 p.30) |
