RE: Is this a good time for us and North Sea..??17 Oct 2025 11:13
Oldish news but BP will turn around only problem is POO
UK-based BP, which is under intense shareholder pressure to slash costs and reduce debt, said in August that it was accelerating the reduction of contractor numbers and office-based workforce.
“Across the supply chain, we’ve delivered around $900 million of savings. Over a third of our supply chain spend reductions seen so far reflect a reduction in contractors, significantly enabled by technology,” BP’s chief financial officer Kate Thomson said on the Q2 earnings call.
BP has already reduced contractor numbers by 3,200, and expects a further 1,200 contractors to exit by the end of 2025.
“Beyond that, we will continue to rigorously review the remaining contractor activity across our businesses and functions,” Thomson added.
Moreover, BP expects its ongoing organizational transformation to see 6,200 roles impacted by the end of 2025, out of an office-based workforce of 40,000 employees.
“With a majority of the exits anticipated in the fourth quarter of 2025, we expect material incremental savings from the first quarter of 2026,” the executive said.