Fears that the first local layoffs in the Norwegian oil industry only represented the beginning of something that could become much worse are now spreading among Norwegians employed in the industry.

In recent months, numerous companies in the Norwegian subcontractor industry have fired employees or warned of layoffs, as they are required to do by Norwegian law. But this was at a time when the oil price was USD 10-20 higher than it is today. With the continuing declines and new record lows, the Norwegians and their unions are starting to fear that something bigger and much worse could be underway.