Energy services company Subsea 7 trims payroll

LONDON, June 22 (UPI) -- British energy services company Subsea 7 said it was trimming its labor force by more than 1,000 in an effort to adjust to the era of lower oil prices.

The company said it would cut about 1,200 positions by early 2017 because of "difficult" conditions in the oil and gas sector.

Crude oil prices are holding relatively stable at around $50 per barrel, up more than $20 per barrel from their low point in 2016. Despite the midterm recovery, the price per barrel is still more than $50 less than it was just two years ago.

http://www.upi.com/Business_News/Energy-Industry/2016/06/22/Energy-services-company-Subsea-7-trims-payroll/2121466595213/?nll=1