National Oilwell Varco Lays Off Another 520 Staff In Norway

Reuters

OSLO, April 22 (Reuters) - U.S. oilfield equipment maker and service provider National Oilwell Varco Inc will cut its Norwegian workforce by another 520 people after low oil prices resulted in fewer orders, the company said in a statement on Friday.

The latest round of cuts will reduce the company's staff in Norway to less than 2,000, down from almost 5,000 at the height of the oil industry's boom two years ago.

"The uncertain market situation means that we cannot say how extensive the downsizing process will be in the long run," NOV said.

The cuts announced on Friday were all permanent jobs, the company added.

(Reporting by Terje Solsvik; editing by Gwladys Fouche)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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