Norwegian engineering company Aker Solutions said it will reduce capacity and cut more than 500 jobs as it prepares for lower activity levels in 2026 compared with 2025, citing a slower development of new projects in oil and gas and renewable energy.
The workforce reduction will affect just over 500 of the company’s roughly 12,000 permanent full-time employees, chief executive officer Kjetel Digre said. Around 300 of the affected roles are linked to the company’s yard in Verdal, with the remaining cuts spread across other locations in Norway and internationally.
While some parts of the business are expected to maintain high activity next year, the company said overall headcount reductions are necessary as market conditions evolve more slowly than previously anticipated.
“The industry has seen high activity in recent years as a result of the package of measures, adopted by the Norwegian parliament in 2020, intended to bridge the gap towards a growing renewable market, especially offshore wind,” Digre said. “As this transition is taking longer than anticipated, we are now feeling the effects.”
Digre said Aker Solutions continues to see opportunities at home and abroad, but that current expectations for project activity require early action to safeguard the company’s financial position. “We still see many opportunities both in Norway and internationally, but the anticipated activity level means we must take action now to ensure the company’s robustness and sound financial management,” he said.
The company said the adjustments will affect production, engineering and support functions, and will be carried out through a combination of natural attrition and redundancies.
Digre acknowledged the impact on employees, noting that restructuring remains challenging even in an industry accustomed to cycles. “The supplier industry is familiar with fluctuations, but processes involving significant restructuring and workforce reductions are still demanding,” he said, adding: “How we handle these changes will be greatly influenced by our consideration of the people affected.”
Aker Solutions said it is also pursuing efficiency measures and new offerings to improve competitiveness, including the use of new technology and updated ways of working to reduce costs for customers.
