Petronas’ 5,000-Job Cuts Signal Restructuring, Not OSV Market Slowdown
With profits under pressure, Petronas, Malaysia’s state oil giant, is tightening its belt - it said on June 5 it would cut 5,000 jobs, mainly contract staff, or 10% of its global workforce.
The reduction will mainly affect support roles such as human resources and finance, where staffing levels have reportedly exceeded industry norms.
The reduction will mainly affect support roles such as human resources and finance, where staffing levels have reportedly exceeded industry norms.
Petronas is slowing down but the core work of producing oil rolls on, ensuring that demand for OSVs stays strong.
Petronas' own 2025-2027 Activity Outlook says: "A steady demand trend is projected from 2025 to 2027 attributed to the stability in production activities during this period."
So, while there might be fewer new exploration jobs, the day-to-day work of keeping oil flowing - and the OSVs needed for that - remains strong.
The regional OSV market’s been tight for a while. Here’s why:
1. Not Enough Vessels to Go Around
2. Production Needs Don’t Stop
3. Competition From Abroad
4. Obstacles to newbuildings
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Value Hunter : local osv players are enjoying a good DCR rate. but not many dare to venture outside Malaysia to pursue new growth
104806965 Value Hunter : how to? cyclical biz n it takes 2 years to build a new OSV. hard to get bank loan. buy used OSV also expensive. In a blind...