Norwegian company Kvaerner is implementing a broad range of precautions to mitigate the effects of the coronavirus and will cut the fixed salaries of its management team by 5% from 1 April.
Kvaerner said the focus is on “protecting life and health for people” at the company, its business partners and in society as a whole.
The company is also working to reduce the effects on ongoing operations and future business opportunities.
Kvaerner chief executive Karl-Petter Loken last week asked to have his salary reduced.
He and the executive management team have also agreed that their variable pay programme for 2020 will be cancelled.
In total, this represents reduced earnings of more than 40% for each manager this year, compared with earnings in 2019, the company said.
Kvaerner has also placed approximately 30 employees on temporary leave and expects to increase this number over the coming weeks.
Loken said: “The global situation is extraordinary. I believe that all of us in Kvaerner, on all levels, now want to contribute to keep Kvaerner robust and ready to execute projects and secure jobs after this crisis.
“Kvaerner realises values for clients and for shareholders, and builds societies.
“Hence, we are very aware of the responsibility we have to safeguard the operations and simultaneously contribute to that the communities around us get through this time as well as possible.”