News: Subsea 7 SA (SUBCY.PK)

SUBCY.PK on OTC Markets Group

31 Jul 2015
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Wed, Jul 29 2015

UPDATE 1-Oil services firm Subsea 7 to cut costs by up to $550 mln

OSLO, July 29 - Norwegian oil services firm Subsea 7 reported a smaller-than-expected fall in second-quarter earnings on Wednesday and said it would cut costs by up to $550 million by early next year as it whittles down its fleet and reduces staff.

BRIEF-Subsea 7 and OneSubsea in global alliance

* Subsea 7 announces global alliance with OneSubsea, a company owned by Cameron and Schlumberger

UPDATE 1-Subsea 7 to cut workforce by a fifth, reduce fleet

OSLO, May 12 - Oil services firm Subsea 7 plans to cuts its workforce by close to 20 percent and reduce its fleet of 39 vessels by up to 11 as global oil and gas firms continue to cut spending after a plunge in crude oil prices dampened activity levels.

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