National Oilwell Varco Norway

Type
Internal restructuring
Country
Norway
Region
Norge;
Location of affected unit(s)
Kristiansand, Stavanger, Oslo, Molde
Sector
Manufacturing
(28) Manufacture of machinery and equipment
28.9 - Manufacture of other special-purpose machinery
28.92 - Manufacture of machinery for mining, quarrying and construction
900 - 1,500 jobs
Number of planned job losses
Job loss
Announcement Date
17 June 2015
Employment effect (start)
Foreseen end date

Description

NOV, a Norwegian drilling equipment manufacturer, announced 900 jobs cuts among permanent employees and 600 job cuts among contractors. The reason for downsizing are the major changes in the market situation over the past year, with reduced investment and reduced sales of new equipment. The company envisages a social plan for workers made redundant.

The Norwegian part of the company is a subsidiary of National Oilwell Varco, headquartered in Houston in the state of Texas, USA. Globally, the company has over 60,000 employees worldwide. The company supplies drilling equipment for both onshore rigs and offshore installations, as well as services such as pipe inspection.

Update 27/08/2015:NOV reduced its workforce by around 475 positions in Kristiansand, 235 positions in Stavanger , 70 positions in Oslo and 120 positions in Molde. The management did not exclude that the company may have to undergo further downsizing.

Update 7/10/2015: the company announced a further round of redundancies involving 60-70 job cuts.

Sources

  • 17 June 2015: NRK
  • 7 October 2015: Stavanger Aftenblad
  • 27 August 2015: Sysla

Citation

Eurofound (2015), National Oilwell Varco Norway, Internal restructuring in Norway, factsheet number 88993, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88993.