Babcock & Wilcox Enterprises Inc. (B&W), which is already in the midst of a restructuring plan and ongoing cost controls, will slash 30% of its renewable energy workforce and implement cost-saving measures across the company to combat falling revenues.

The global energy and environmental technology and services provider said as it announced its 2017 third quarter results that revenues stood at $ 408.7 million, falling 0.5% ($ 2.3 million) compared to the third quarter of 2016.

However, the company’s chairman and CEO E. James Ferland also announced cost-cutting measures, saying it is “prudent” that the company maximizes its financial optionality as it moves closer to the completion of the construction of new renewables projects in the UK, which is expected by mid-2018.

“We are driving cost-savings actions within our business segments and in overhead-related functions, with a target of approximately $ 45 million in annual savings, as we work to improve our global cost structure,” continued Ferland.

The announcement is dismal for the company, which embarked on restructuring in June 2016 after projections showed that coal utilization will decline faster than previously forecast.…

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