Van Oord is to cut its global workforce by about 500 people because of Covid-19 and related impacts.
The Dutch company said market conditions in the dredging industry are under pressure and the volatility in oil and gas prices have triggered a decrease of offshore field services.
It added that as a consequence the company faces a “decline” in turnover and a “deterioration” in its results.
“We will adapt and restructure the organisation to this new reality to ensure that we remain healthy and to strengthen our competitive position,” the company said.
About 120 of the 500 jobs lost will be in the Netherlands through a collective redundancy plan, Van Oord said.
“We have requested the works council for advice and will start consultation with the Dutch unions,” the company said.
“These are difficult measures for our company and employees. But we adapt to remain a healthy, innovative company that capitalises on the longer term potential of its markets,” Van Oord added.