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More Job Cuts Announced in Europe

European job cuts continue to mount across the energy industry. In mid-June, just one week after BP said it would cut 10,000 jobs, Swedish engineering firm Sandvik and Dutch maritime contracting company Van Oord announced they would do the same due to the impact from COVID-19.

Sandvik said it is laying off 429 positions within its Sandvik Materials Technology business.

The Sandvik layoffs, which include 80 positions in Hallstahammar and Surahammar and 349 positions in Sandviken, may happen as early as mid-October 2020 in Hallstahammar and Surahammar and mid-December 2020 in Sandviken.

“The reason behind the decision is based on the continued uncertainties in our global market environment caused by the COVID 19-pandemic, which force us to adjust to lower volumes and to better position our company for the future,” said Göran Björkman, president of Sandvik Materials Technology. “We are expecting to see a weak market situation going forward and need to act in time to protect our business.”

Van Oord said it expects to reduce its workforce by 500 employees, of which 120 will be in the Netherlands. The company said market conditions in the dredging industry are under pressure, and volatile prices in the oil and gas market also triggered a decrease in offshore field services.

Other European companies that have announced layoffs in Q2 include Norway-based Aker Solutions, which temporarily laid off 400 employees in Norway and 250 employees in the UK on 1 April. The company also submitted notice of the potential need for temporary layoffs of up to 6,000 employees in Norway.

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