Tuesday, November 01, 2016

40.000 Oil Jobs In Norway Have Been Shed In A Short Time

Via Business Insider:

In the last couple of years, the Norwegian oil and gas industry has been hit hard by the falling oil prices.

Early in 2016 Bente Nyland, director general of the Norwegian Petroleum Directorate said that Norway's oil industry was in a crisis.

It has taken its toll on employment.

More than 40.000 jobs have been lost since the beginning of 2014, according to a new survey by DNB Markets. 5.000 jobs have been lost in the last six months.

More than 33.000 permanently employed and 7.000 temporarily employed have been affected by the reductions.

Analysts at DNB Markets believe that the reductions will continue, even though oil prices have rebounded somewhat.

Aker Solutions has cut 3.270 jobs and Statoil has cut 3.023 jobs.

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