British oil and gas equipment manufacturer Hunting has announced cuts to around 25% of its workforce as the Covid-19 pandemic continues to disrupt the global oil and gas industry.
The company, which had 2,956 employees on its payroll at the end of last year, said that it would cut 739 jobs by the end of June following a series of financial struggles. The company’s Titan range of perforating systems and logging instruments reported a 40% decline in sales in the first six months of the year, underpinning a fall of more than 50% of its projected capital expenditure for the year.
Go deeper with GlobalData
“Our business is likely to continue to see volatile trading throughout Q3 2020, but the group’s cost base has now been recalibrated to current market conditions,” said CEO Jim Johnson.
