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Marine Log

June 3, 2008

Maersk Lindø yard to cut 250 jobs

The Maersk Group's Odense Steel Shipyard--Lindø is to cut its labor force by 250.

The Danish yard currently employs around 3,000 people and is where Maersk builds its giant containerships. Despite ongoing efforts to hone efficiency, profitability has remained elusive.

During the past week, the yard's management has had discussions with representatives of the yard's employees about the serious financial situation. The two sides have not been able to put a common recommendation to the board about the future of Lindø.

Management has recommended to the board that "the number of employees at Lindø, with respect of existing newbuilding contracts, be adapted in such a way that the yard will gradually reduce its business to a lower cost level. One of several measures is the intention to immediately cut the number of employees by up to 250."

"The board has adopted the management's proposal and with regret we have had to realise that the negotiations in the past week between management and employees did not lead to an agreement as to how the difficult financial situation of the shipyard can be solved. In order to strengthen Lindø's possibilities of survival in the long term, however, it is necessary that the yard's expenses be markedly reduced," says Lars-Erik Brenøe, Chairman of the Board.

Management will now start discussions with the works committee and the shop stewards of the yard " with the aim of minimizing the number of necessary lay-offs and preparing a program that will ensure the best possible counselling of employees who may have to leave the yard."

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