NOV Lets Go 520 in Norway

  • Business & Finance

Oilfield equipment manufacturer, National Oilwell Varco, is reportedly downsizing its workforce in Norway by additional 520 employees.

The company is said to experiencing a sharp reduction in investments in the oil and gas sector, which reduced sales of new equipment and demand for aftermarket services

News about the downsizing was delivered earlier this month, but it was not clear how many employees will have to go.

NOV to Axe More in Norway

Following a consultation period, the company has now decided to cut about 20% more of its staff. To remind, NOV at the beginning of 2015 had 4 800 employees in Norway.

This number was brought down to 2 400 after two rounds of layoffs, which means that by the end of round three the company could be left with under 1900 workers.

NOV was established in Norway in 2000. It has business in Kristiansand, Stavanger, Molde and Oslo. According to reports in Norwegian media, the downsizing affects all departments, however, there are no specifics for these locations yet.

Subsea World News Staff

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