Due to the challenging shipping markets, as a direct effect of the
global economical environment, CECO has informed its employees that
the Company plans on carrying out redundancies among its shore-based
employees in order to adapt to the current situation. The
restructuring will regrettably involve the redundancy of 17 out of
106 employees in Oslo and Copenhagen. In addition there will be other
cost cutting measures, in order to achieve an overall cost reduction
of about 20%.
Peter D. Knudsen says: "We sincerely regret to have to let go of our
committed and loyal employees. These and other measures are a
consequence of the markets in which we operate, and we are
implementing changes to the organization that have been approved by
our Board of Directors. Under the present situation, our stakeholders
expect us to adjust our ambition level - to focus on our key shipping
segments (Bulk, Gas and Chemical), and develop a business model that
is sustainable and adjusted to the present business climate. Our
reputation and ability to service our clients in an efficient and
cost effective way shall remain in the center of our focus going
forward."
Peter D. Knudsen
Chief Executive Officer
Tel: +47 24 00 61 54
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