In response to continuing cost and efficiency challenges affecting the UK North Sea oil & gas sector, Wood Group PSN (WGPSN) has declared plans to reduce the rates paid to approximately a third of its UK-based limited company contractors by an average of 9 per cent, in line with competitive market rates.

James Crawford, managing director of WGPSN in the UK and Africa, said: “This is not a decision we have taken lightly, but we believe it is the right one to proactively meet the continuing cost and resourcing challenges affecting the UK North Sea oil and gas sector. Our focus and commitment remains on contributing to the industry’s long-term sustainability.”

Tags: Wood Group PSN