PARIS (Reuters) - French oil industry engineering and construction group Technip will cut 6,000 jobs and book a 650 million euro ($719 million) restructuring charge as it steps up a cost-cutting drive in the face of an industry slump.
With clients cutting projects due to low oil and gas prices, the company said it targeted cost cuts of 830 million euros with 700 million to be delivered in 2016 and the rest in 2017.
“The slowdown in the oil and gas industry is prolonged and harsh,” Chief Executive Thierry Pilenko said in a statement.
“Therefore we have decided to accelerate our cost reduction and efficiency measures – which I know will have tough consequences for employees across the Group,” he added.
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Reporting by Leigh Thomas; editing by Mark John