WorleyParsons Limited
(ASX:WOR) will stand down over 2000 employees and expects second half earnings to halve.
The engineering services company has experienced another downturn in demand since commodity prices started dropping in February and says it has to adjust its business to market conditions.
The plans to reduce the global workforce and associated lease costs are estimated to deliver up to $100 million in savings which will flow through to 2016.
The company also says the impact of these provisions will result in second half earnings of approximately 50 per cent of the first half earnings.
WorleyParsons reported a net profit of $113.1 million for the first six months of the 2015 financial year.
