Cotemar is considered to be the largest petroleum services company in Mexico. The organization has been doing very well over the years, giving employment opportunities to very many people in the country. Last year, however, the organization announced that it would be forced to lay off some of its employees. The organization arrived at this decision due to the historic glut in petroleum that has been caused by the discovery of massive oil fields in different parts of the world. The layoffs are expected to affect most of the departments in the company. Ship captains, chefs, and construction workers will be affected.
Cotemar has one primary client, known as Pemex. The state-owned company has been operating with Cotemar for a long time. Experts say that the one client method that is used by Cotemar and its investors makes it vulnerable to some of the whims of the global energy markets. Pemex decided to cancel just one contract from the company, and the cancellation led to the dismissal of more than two thousand employees. Although things seem to be complicated at the company at the moment, the management says that it is working hard to put everything in order soon. Other businesses in the oil industry have also been affected by the changes in petroleum products.
Pemex recently announced that it had decided to decommission two of its leading oil rigs. The organization has also announced that it was going to remove three more from its fleet in the future. Cotemar has been servicing these rigs as its primary form of income, and this means that the activities at Pemex will continue to affect its employees in the future. Experts say that Pemex might be planning to cut its expenses by over one hundred billion, and this means that Cotemar will have no choice but to cut its workforce.
Pemex has been facing a short-term liquidity crisis for some time now. The Mexican crude is believed to be trading half of the prices that were projected by economists last year when the budget was drawn. The company has announced that it is looking for emergency debt financing so that it survive the crisis.