ShippingWatch

Crisis forces Equinor to enact billion-dollar cost-saving measures

Norway's Equinor launches a billion-dollar action plan to strengthen "financial resilience" toward coronavirus and a plummeting oil price. Among other things, capex is reduced 20 percent.

Photo: Ntb Scanpix/Reuters/Ritzau Scanpix

The corona crisis and an oil price in free fall is now causing Norway's Equinor to launch an action plan in order to save USD 3 billion, writes the company in a notice to the stock exhange.

The cost-cutting measures will impact Equinor's capex, reducing it by 20 percent from hovering somewhere around USD 10-11 billion down to USD 8.5 billion.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Extreme container rates can push shippers into bankruptcy

Extreme container freight rates might lead to a string of bankruptcies for companies without transport deals, says shipping analyst Lars Jensen in an analysis to Shippingwatch. Particularly smaller fashion brands are under pressure, according to trade organization.

Further reading

Related articles

Trial banner

Latest news

See all jobs