Denmark’s DONG shrinking – The Post

Denmark’s DONG shrinking

Energy company cutting nearly 300 jobs

Ill winds blowing at Dong (photo: Johan Wessman)
March 1st, 2016 11:33 am| by Ray W

DONG Energy is cutting 280 jobs at its oil and gas division – nearly a third of its workforce in that sector.

The latest layoffs are a result of DONG Energy writing down the value of its oil projects by 16 billion kroner in its most recent financial report.

Falling oil prices not good for everyone
“Market conditions are putting pressure on our oil business and we need to adapt,” a Dong representative told DR Nyheder. “We need to cut costs and, unfortunately, reduce the number of employees.”

READ MORE: DONG Energy announces biggest loss in Denmark’s history

The company went through a similar round of layoffs in the autumn of 2014 when 100 jobs were cut.