National Oilwell Varco, an American offshore equipment manufacturer, is slashing another 900 jobs at its bases in Norway. NOV has factories in Søgne west of Kristiansand and Hjelset outside Molde. The 900 job losses add to 1,500 cuts NOV had announced in Norway earlier this year. NOV’s workforce in Norway will have halved by the end of this year.
Houston-head NOV is a drilling technology firm and specialist in offshore cranes. It acquired Norway’s Hydralift 13 years ago.
Norway has been especially hard hit by the drop in global oil prices this year with more than 20,000 Norwegian oil and gas staff axed in 2015. Globally, more than 250,000 offshore-related redunandacies have been announced this year.
Speaking with Splash earlier this year, Erna Solberg, the nation’s prime minister admitted Norway’s offsore sector was undergoing a “structural change” thanks to lower investments in the oil sector and local high wages.
