Paper: Statoil Plans to Cut Another 500 Jobs
OSLO, Oct 3 (Reuters) - Norwegian energy firm Statoil plans to lay off an additional 500 workers on top of already announced plans to eliminate up to 1,400 positions, financial daily Dagens Naeringsliv said on Friday.
The cuts, which mostly affect offshore workers, are part of Statoil's efforts to cut costs and improve efficiency, and the firm has already started negotiations with employee groups over the layoffs, the paper said.
A Statoil spokesman declined to comment.
Statoil earlier this year cut its capital spending plans and output targets, offering a higher return to investors instead after years of negative cash flow after dividend payment.
With Brent crude prices falling over 20 percent since June to a more than two-year-low of $91.55 per barrel on Thursday, analysts see oil companies holding back spending even more than earlier planned.
To reduce capital spending, Statoil in recent months sold some producing assets to Germany's Wintershall, stopped a Canadian oil sands project, delayed future developments in Norway and Britain, released or offered to sublet rigs and laid off workers.
The firm employed over 23,000 people in 2013.
(Reporting by Joachim Dagenborg; Writing by Balazs Koranyi; Editing by Kim Coghill)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Big Oil Reuses Platforms in Latest Cost-Cutting Trick (Nov 15)
- Tight Oil, Shale to Drive Majors' Output to New Highs (Oct 16)
- Shell, Equinor Commit to Tanzania LNG as They Await Host Accord (Oct 16)