Low oil prices force Maersk to wield the axe

The Danish shipping giant will lay off 120 employees from its subsidiaries Maersk Drilling and Maersk Supply Service

Feb 5, 2015

As a direct consequence of the fall in oil prices, AP Møller Mærsk has announced plans to cut 120 jobs and introduce cost-cutting measures at its subsidiaries Maersk Drilling and Maersk Supply Service.

Ninety of the redundancies will take place at Maersk Drilling’s head office, some 20 percent of the office staff, and 30 will take place at Maersk Supply Service.

Over the past six months, low oil prices have greatly reduced the demand for rig activity and oil production, causing the clients of Maersk Drilling to curb their spending.

Need to stay competitive
The top brass at Mærsk have deemed the cost-cutting measures necessary in order to stay competitive within the offshore drilling market.

“If we are to remain competitive in this market, we need to look at ways in which we can reduce costs and increase efficiency,” said Claus V Hemmingsen, the CEO of Maersk Drilling.

It is not all negative for the Mærsk concern, however. On January 26, the company broke the world record for the largest amount of shipping containers transported at one time.

Setting out from Algeciras in Spain, the leviathan ship Mærsk McKinney Møller carried 18,168 twenty foot containers, thereby breaking the former record (set by sister ship Mary Mærsk) of 17,603. You can check out the video below.

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Low oil prices force Maersk to wield the axe

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