Single Buoy Moorings Offshore: 180 jobs threatened in Monaco

Talks are currently underway between the Monegasque management of Single Buoy Moorings Offshore and staff representatives after the company announced a restructuring plan on 24 June.

The branch located in the Fontvieille district employs nearly 1,000 people. 180 jobs are threatened in three of the six Monegasque branches.

The Dutch-based company’s main activity is selling systems and services to the offshore oil and gas industry. They design, supply, install and operate floating production solutions for offshore energy.

Although the company tried to adapt to the economic hardships brought on by the ongoing pandemic, Offshore’s CEO recently stated that a reduction of positions is inevitable and is what is needed to ensure the survival of the company in the long term.

On 10 April 2020, the company stated on their website that, “As the Covid-19 pandemic continues across the globe, SBM Offshore has been adapting to this unprecedented situation, protecting its workforce and putting in place business continuity measures….In our office locations, most staff work from home and activities continue.”

Now, over three months later, the communications deportment of the company stated that the exceptional events in recent months, namely the Covid-19 health crisis and the OPEC-Russia situation, has had unprecedented consequences for the energy market and many major projects have been postponed or canceled by the major oil companies.

Employees are concerned about the safety of their positions and have been negotiating since the end of June. Staff representatives are currently proposing alternatives to layoffs. A staff survey last week collected their ideas, which included pay-cuts to help save the 180 jobs. Negotiations are still underway and have been reported as “going well”.

This announcement comes just weeks after Monacair, the luxury helicopter airline company, announced that it will be laying off almost half of its staff, or 32 employees, due to the economic blow brought on by Covid-19 travel restrictions.