National Oilwell Varco Norway AS (NOVN) has decided that in the next few months it will be conducting downsizing of its workforce in Norway.

By the end of 2015, the company will lay off 1,500 employees, 900 permanent employees and 600 contractors.

In an e-mail to Offshore Energy Today, the company said that the reasons for downsizing are the major changes in market conditions in the industry over the past year, with reduced investment and reduced sales of new equipment.

“The uncertain market situation means that we cannot say how extensive the downsizing process will be in the long term,” NOV explained.

The company also added: “We have implemented a process where we have mapped our capacity up to backlog and expected sales, and based on this we have completed discussions with the unions.”

“The management of NOV Norway understands that such downsizing may create turbulence and uncertainty, and that many of our employees may be faced with a very difficult situation. We will conduct an orderly and fair process in which we fulfill our commitments to our employees, so that we can continue to act as a good employer even in a recession period.”

Source: www.offshoreenergytoday.com

Please leave comments and feedback below