National Oilwell Varco Slashes Another 20% of Norway Staff
2016年4月22日 - 9:53PM
Dow Jones News
By Kjetil Malkenes Hovland
OSLO--U.S. oil drilling equipment maker National Oilwell Varco
Inc. (NOV) said Friday that it would lay off 520 workers in Norway,
the latest move in a string of job reductions that has slashed 60%
of its Norwegian workforce in a year, as oil industry
subcontractors continue to suffer from waning orders.
The company had announced another round of mass layoffs earlier
this month, but hadn't quantified the cuts until now. After the
latest reductions, National Oilwell Varco will have around 1,900
employees in Norway, down from about 5,000 a year ago.
The supplier of offshore drilling equipment blamed its
downsizing on waning orders, as oil majors are slashing costs and
drilling activity. Its Norwegian unit cut 1,500 jobs last summer
and another 900 in December amid weaker activity in the North
Sea.
"We are experiencing strongly reduced investments in the oil and
gas sector," National Oilwell Varco's Norwegian unit said. "The
uncertain market situation means we can't say today how
wide-reaching the downsizing process will be in the longer
term."
National Oilwell Varco is being hurt by an overcapacity of rigs
in the global offshore oil and gas industry. The company said this
month that about 500 offshore rigs and drillships are active
world-wide and about 300 units retired, with more retirements
expected.
Brent crude has picked up in recent weeks and is trading around
$44 a barrel, but the price remains about 60% lower than it was two
years ago, affecting the sector's spending plans.
Oil companies operating in Norway, Western Europe's largest oil
exporter, expect to spend 163.9 billion kroner ($20.0 billion) this
year on oil and gas activity, almost a quarter below the record
level of two years ago.
The Norwegian Oil and Gas association expects spending in the
country's oil sector to bottom out in 2017 at 132 billion
kroner.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com
(END) Dow Jones Newswires
April 22, 2016 08:38 ET (12:38 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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