NOV To Cut 520 Jobs In Norway

Published at 12:21PM - 22/04/16

Global oilfield services and equipment manufacturers, National Oilwell Varco, is to cut a further 520 jobs in Norway.

The latest round of cuts will bring the total number of reductions, at NOV’s Norway, to around 3,000 in the past year alone; seeing the company’s total Norwegian headcount reduced from around 5,000 pre crash, to a mere 1,900.

NOV To Cut 520

According to a company spokesman, the majority of the cuts will come from its Norwegian headquarters in Kristiansand, although NOV’s bases in Molde, Oslo and Stavanger will also be effected.

Consultations with staff are already under way, with the process expected to be completed by the end of May.

Market Recession

Like all companies in the oil and gas industry, NOV continues to struggle in the ongoing downturn and firmly cites the industry’s recession as the reason behind the cuts.

A spokesman for NOV said: “We are experiencing a sharp reduction in investments in the oil and gas sector, which reduced sales of new equipment and demand for aftermarket services.”

“It is very important to us that we implement downsizing in a proper and orderly manner, and that both those who lose their jobs and those who remain are safeguarded.”