BG Group (LSE: BG.L) has announced they have parted company with their Chief Executive Chris Finlayson. The troubled Chief Executive is leaving the UK’s third biggest oil and gas producer after only 18 months the post and only three months after he made a now defunct output forecast. Finlayson, a 30-year veteran of Shell, was said to have lead BG Group with a much different style than that of the former long-serving Chief Executive Sir Frank Chapman- who was said to be autocratic in his own approach. However since taking office, Finlayson has had to preside over numerous profit warnings and a wild fluctuation in the BG Group share price, on top of a 37 percent slump in annual profits.
Keppel Offshore & Marine (Keppel O&M) announced 3,080 job cuts in its third quarter results as a consequence of “very challenging” market conditions and a reduction in workload.
The Norwegian Oil and Gas Association and the Industri Energi union have finally reached an oil service agreement, ending a three-week strike involving more than 300 Norwegian oil service workers.
Houston-based OneSubsea is reportedly planning to cut 600 jobs out of its workforce of 900 by the end of 2017, with UK job losses expected to be high.
According to the Norwegian Oil and Gas Association, approximately 350 oil jobs have been lost in Norway following the oil service strike that started a week ago.
Petrofac has been awarded a contract by Statoil UK to provide the Norwegian company with Training and Emergency Response Services to North Sea projects.
Since the start of the week, various oil and gas companies have already announced significant job cuts across the industry, affecting different parts of the globe.