Wednesday, June 17, 2015

National Oilwell Varco To Cut 1,500 Jobs In Norway -- June 17, 2015

Reuters at Rigzone is reporting:
National Oilwell Varco Inc , the largest U.S. oilfield equipment maker, said it will cut its Norwegian workforce by 1,500 by the end of this year as low oil prices have reduced investments.
It plans to cut 900 permanent jobs and 600 contractors.
Norway's Statoil said on Tuesday it will cut up to 7 percent of its workforce and a third of its consultants by the end of 2016, adding to staff cuts already implemented as it battles low oil prices and shrinking margins.
The big question: is the Bakken a core holding for Statoil?

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