TTS Group implements cost reductions in Norway and Germany

TTS Group has decided to implement measures to reduce costs in Norway and Germany. Due to a weaker market than expected in the offshore and heavy lift sector, the Group will during the first half of 2014 implement a workforce reduction of approx. 10% of the total workforce in the group. Today the total workforce consists of approx. 1,100 persons, the Group said in a press release.

The cost reduction is a consequence of cost- and capacity adjustment to the current market situation, as well as an extensive benchmarking and process evaluation. The efforts are expected to provide a gradual improvement in profitability in the second half of 2014.

The downsizing process has been initiated and is expected to be finalized during the 2nd quarter.

TTS Group ASA is a global enterprise that designs, develops and supplies equipment solutions and services for the marine and offshore industries. TTS is one of the top three largest suppliers in its specialized market segments.