France's Technip to cut 6,000 jobs

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France's Technip to cut 6,000 jobs

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Six-thousand jobs are to go at French oil industry engineering and construction group Technip in a cost-cutting exercise.

The slowdown in the oil and gas industry is being blamed for the move, which the company’s CEO Thierry Pilenko described as “prolonged and harsh”.

Around 16 percent of its global workforce will be cut as it aims to save 830 million euros.

Analysts believe operations in the North Sea and Brazil will be affected.

Its shares fell more than 8 percent in Paris after the announcement.

Technip employs around 38,000 people in 48 countries.