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June 26, 2020

Coronavirus company news summary – Sapura energy trims workforce – Second wave will dent fuel demand

By Jessica Paige

26 June

Malaysian oil and gas services company Sapura Energy is set to trim its workforce by 20% in a bid to reduce costs amid Covid-19 crisis. The redundancies will involve 63% contractual workers and 37% permanent employees. The company has around 4,000 full-time employees.

Occidental Petroleum has indicated that it may write-down the value of its assets by up to $9bn in the second quarter due to dull market outlook. The company also plans to restructure some of its debt to prevent a possible default, reported Reuter=

Hamilton Health Box has entered into a collaboration with health platform 1Health.io to provide Covid-19 testing for oil and gas industry workers. The move will help the companies to test their employees at headquarters and remote rig locations across the US.

A second wave of Covid-19 infections can again reduce fuel demand, Reuters reported citing industry data. Currently, fuel usage is on the rise as the countries eased coronavirus related restrictions. This month, road traffic in some cities returned to 2019 levels.

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