28 August 2015, News Wires – National Oilwell Varco (NOV) has confirmed it is axing 900 jobs in Norway as a market slump has taken a toll on orders for the US-based drilling equipment supplier.
NOV’s Kristiansand location will bear the brunt of the redundancies with 425 staff to pack their bags, while 235 jobs will be cut in Stavanger, 70 in the Oslo area and 120 in Molde, according to a company release cited by Norwegian news channel NRK.
Staff affected by the cuts will be served with redundancy notices next month and will leave by the end of the year.
A company spokesman said all areas of NOV’s business in the country will be hit by the manpower cutbacks being made in response to a lack of work in the North Sea region where players such as major client Statoil have slashed spending on exploration and development drilling work amid low oil prices.
Houston-based NOV warned earlier this year that another 600 hired-in staff would also be axed by year-end and that further job cuts could be on the cards.