1 Sep 2014

Taranaki company axes 20 jobs

8:59 pm on 1 September 2014

Taranaki engineering services company ITL has announced it is to shed more than 20 jobs.

The company's operations director Kim Gilkison said several large oil and gas contracts were coming to completion.

Ms Gilkison said the company had resized to meet current market conditions and it was optimistic about opportunities it had in New Zealand and Australia.

Following today's restructure ITL will continue to employ about 125 staff down from a peak of about 160.

A Taranaki union organiser said the loss of jobs was symptomatic of problems facing the sector.

Ross Henderson of the Engineering, Manufacturing and Printing Union said many companies were suffering as larger projects came to an end and no new significant oil and gas discoveries were made.

Three former Natural Gas Corp employees formed ITL in 1988 and last year it was sold to Australian company LogiCamms for about $16 million, although it continued to operate under the same name.