Island Offshore has informed that the company will be introducing reduced working hours for all office employees in Ulsteinvik, with effect from 1st of August 2015, as a contribution to reducing costs.

This is done to mitigate the implications of the weak offshore market, lay up of vessels as well as postponed new building deliveries. Island Offshore has chosen a collective solution to avoid layoffs and dismissals, the company announced in a press release.

“It is important to us to stand together in this. This way we also retain the significant competence we have built up over time. We know that we are asking for a lot of our employees, hence it is very nice to see that everyone support this solution,” says Håvard Ulstein, managing director of Island Offshore Management AS.

The working hours will be reduced with 10%, and the arrangement will be continuously assessed in light of the market situation.