Subsea 7 to cut deeper

SUBSEA 7 will cut 2500 staff and reduce costs by about $US550 million ($A753 million) by early next year as it was hit with a $100 million charge over resizing its fleet and workforce for the second quarter.

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The Oslo-listed company said in yesterday's quarterly that it would reduce its capacity by 2500 people and 12 vessels by early 2016.

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