Harbour Energy will cut its UK workforce by 25 percent, the company claims

In a Wednesday statement, Harbour Energy announced that it would be cutting 250 jobs at its UK-based unit in Aberdeen. This represents approximately 25% of their workforce.

Harbour, Britain's largest North Sea oil and natural gas producer, stated that the cuts were needed due to lower investment in the North Sea fossil fuel sector as a result the UK government policies.

The review was necessary due to the Government’s continued punitive fiscal policy and the challenging regulatory environment. Scott Barr, the managing director of the UK business, said that the review was unfortunately needed to align staffing with lower investment levels.

Harbour, which had a net loss of PS93 million in 2024, compared to a profit of PS45million in 2023, had previously urged UK government reform the windfall tax, before current levies expire in 2030.

A government spokesperson stated that the UK government has reformed Energy Profits Levy to "support investments and give industry stability and certainty."

The spokesperson stated, "Our thoughts go out to any workers who may be affected by this decision. We will do all we can to support the workers and communities."

Barr added that Harbour was also reviewing the required resources for its Viking project of carbon capture and storage. He said the delays in the Track 2 process by the government had slowed progress.

"We must respond to the challenges posed by the current external climate." Barr said.

(source: Reuters)