Monday, April 4, 2016

National Oilwell Varco Signals "Massive" Layoffs In Norway -- WSJ -- April 4, 2016

Background: Norway has bigger problems than $40 oil.

The Wall Street Journal is reporting that National Oilwell Varco Signals Further Mass Layoffs in Norway; the Oil Industry subcontractor blames reduced investment and equipment sales:
OSLO— National Oilwell Varco said Monday that it would continue slashing jobs in Norway, after laying off 2,400 workers—half of its local staff—last year, as sinking oil-sector investment continues to hammer major industry subcontractors.

The company blamed its continued downsizing on deteriorating market conditions, with reduced investment and weak equipment sales. Over the past year, National Oilwell Varco has shed 1,800 permanent jobs and 600 contractors in Norway amid weaker activity in the North Sea.
The company said about 500 offshore rigs and drillships are active globally, and about 300 units are retired so far, with more retirements expected, and no rapid rebound expected.

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