Wooden Group, the London-listed oil sector engineer, is chopping a whole bunch of jobs almost a yr after talks a few takeover collapsed.
Sky Information understands that the corporate is anticipated to announce subsequent week alongside its full-year outcomes that it has launched a brand new price effectivity programme that sources stated would have an effect on white-collar employees globally.
One insider instructed that roughly 200 roles can be axed – a tiny proportion of its 36,000-strong workforce.
Wooden Group employs roughly 6,500 folks within the UK – nearly all of whom are primarily based in Aberdeen.
On Wednesday, the corporate denied a suggestion that Ken Gilmartin, its chief govt, was planning to relocate to the US.
Numerous different senior executives at Wooden Group are understood to have made the US their everlasting base, reflecting its vital presence there.
Final yr, Apollo World Administration, the buyout agency, walked away from a takeover valuing it at £2.2bn together with debt, after making 4 separate presents for it.
The corporate’s shares have fallen by 1 / 4 during the last 12 months, leaving it with a market capitalisation of simply over £1bn.
They now commerce at about one-third lower than the 240p-a-share contained in Apollo’s remaining proposal.
A spokesman for Wooden Group declined to remark.
