Due to a weaker market development than expected in the offshore sector, the TTS Group will implement a workforce reduction of approx. 40-60 employees. The reductions affect the offshore operations in Bergen, Norway, and Shanghai, China.
The workforce reduction is a cost- and capacity adjustment to the current offshore market situation, as well as a consequence of an extensive benchmarking and process evaluation. The actions are expected to provide a gradual improvement in profitability in the first half of 2015.
The downsizing process has been initiated and is expected to be finalized during the 1st quarter of 2015.
Bergen, 28 November 2014
TTS Group ASA
Tel.: +47 55 94 74 00 / Fax: +47 55 94 74 01
http://www.ttsgroup.com
Contact persons:
Björn Andersson
CEO
M: +47 911 33 671
Henrik Solberg-Johansen
CFO
M: +47 982 06 438
Miao Reinlund
VP, Communications
M: +47 900 65 883
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.