June 19, 2020 / 5:24 PM / 2 months ago

Neptune Energy to cut 21% of workforce amid volatile oil prices

(Reuters) - Neptune Energy plans to cut nearly 21% of its workforce, or 400 roles across nine countries, as the gas and oil producer looks to weather low commodity prices.

Energy companies across the globe have slashed their spending to save cash after oil prices collapsed due to weak fuel demand due to the coronavirus crisis.

Neptune is owned by Carlyle Group (CG.O) and CVC Capital Partners, and is a potential stock exchange listing candidate.

The company employs 1,900 personnel globally.

Reporting by Shanima A in Bengaluru and Shadia Nasralla in London

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