Woodside will cut approximately 300 jobs and freeze pay as it margins shrink under a weak oil price.
In an internal email released yesterday, Woodside CEO Peter Coleman stated that an ongoing review in the face of weaker oil prices has come to an end, and that a streamlining process is now underway, according to The West.
"Given the price of oil has effectively halved over the past year, putting pressure on our bottom line, it is clear that we must accelerate existing plans to improve efficiency and effectiveness throughout the business," Coleman’s email stated.
"This includes bringing forward delivery of a more streamlined organisational structure in which we have the right number of people in the right places doing the right work to deliver on our aspirations.
"It means about 300 roles will be made redundant. Others may experience a shift in responsibilities. All positions have been considered in line with our long-term strategic imperatives.”
No word was given on whether the cuts would be made on the operational side, in the head office, or as a mixture of the two.
In addition to cutting positions it will also put pay raises on hold.
"We have also decided that there will be no immediate remuneration increases," he said.
"This applies to all employees. The situation will be reviewed in Q3."
This most recent announcement comes on the back of a brief shutdown of the producer’s Pluto plant, following an unexpected safety issue, after a submersible drill rig drifted too close to Pluto’s flowlines.