Dutch group Heerema is ending two shipyard and shipping operations in Angola.
The company blamed "ongoing poor market conditions" and the sustained low oil price for making the two businesses no longer economically viable.
Having explored possibilities for the future within Angola, Heerema said the closure of Heerema Porto Amboim (HPA) and Heerema Marine Sociedade Angolana de Transportes (HMT) is the appropriate option.
HPA is a shipyard operated with Angolan company Cenbir, which is buying Heerema out. The venture was founded in 2010 at a reported cost of $109m.
Shipping venture HMT, also operated with Cenbir, is being liquidated.
The HPA yard and HMT office currently employ about 40 people and following a wind-down of services over the next two months, the full closure is expected in December.
Difficult decision
"The decision to cease operations in Angola is a difficult one and comes in response to long-term challenges and a limited outlook for work," Heerema said.
"We deeply regret the job losses that will result from this decision and will support our people through the transition."
Heerema unit Heerema Marine Contractors will continue to operate from its office in Angola, providing heavylift installation services for the offshore energy markets.
HPA provides subsea services to the oil and gas and energy-related industries in Porto Amboim.
HMT manages and operates one cargo barge and one tug, providing logistical management and engineering support.
Heerema has seven ships: two anchor-handling tug supply vessels, a tug and four heavy-lifters.
