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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
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

Further reading

Related articles

Latest news

See all jobs