Archer cutting 12-15% of global workforce and pays millions for UK redundancies

Drilling contractor Archer is to cut between 12-15% of its global workforce of 5,000 as a result of the oil price crash and Covid-19 pandemic.

Announcing its first quarter results today, the business, which has a regional base near Aberdeen, said it took $4.1million (£3.6m) in exceptional items during the period for platform drilling and engineering, mainly related to redundancy payments for more than 200 UK workers.

As of December 2019, Archer employed 5,000 people globally, meaning up to 750 are expected to be cut as a result of “current client activity plans”.

Read more on Energy Voice here.