NOV Will Lay Off More Workers in Norway
Oilfield equipment maker National Oilwell Varco (NOV) will be further reducing its workforce in Norway, a NOV spokesperson confirmed to Rigzone in an email Monday. The company declined any further comment.
This would be the third round of layoffs in Norway for the Houston-based company in just 10 months. In June, the company said it planned to cut 900 permanent jobs and 600 contractors by the end of 2015. In December, NOV said it would cut another 900 permanent workers, totaling a 2,400 job loss in 2015. That is equivalent to about half of its staff in Norway, Reuters reported.
The industry’s current market conditions have been the reason for hundreds of thousands of layoffs globally since the downturn began.
The Wall Street Journal quoted a NOV spokesperson as saying “the market shows no sign of improvement. We have a significant overcapacity compared with our shrinking order reserve. We have too many employees, and we have to do something about it.”
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