Island Offshore Reduces Working Hours, Avoiding Layoffs

Norwegian offshore vessel operator Island offshore says it is going to be lowering working hours for its shoreside workers to keep away from layoffs amid the severely weakened offshore market.

Island Offshore will scale back working hours by 10% for all workplace workers in Ulsteinvik, Norway starting August 1, 2015. The firm says the lowered hours are to mitigate the implications of the weak offshore market, lay up of vessels in addition to postponed new constructing deliveries, and was chosen collectively to keep away from layoffs and dismissals.

“It is important to us to stand together in this. This way we also retain the significant competence we have built up over time. We know that we are asking for a lot of our employees, hence it is very nice to see that everyone support this solution,” says Håvard Ulstein, managing director of Island Offshore Management AS.

Island Offshore says the association shall be constantly assessed in gentle of the market scenario.