John Fredriksen's oil company axes 1000 jobs

Yet another company in the oil sector has decided to cut the number of positions as well as the investment budget. Archer, partly owned by John Fredriksen, is cutting 11 percent of its employees.
BY TOMAS KRISTIANSEN

The low oil price hits yet another energy company. The partly John Fredriksen-controlled oil service company Archer has decided to cut the number of employees by about 1,000, which roughly amounts to 11 percent of the staff, as evident in the company's interim report according to Norwegian news provider NTB.

Already a subscriber?Log in here

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.

With your free trial you get:

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
!
!
Must contain at least 6 characters
!
Must contain at least 2 characters
!
Must contain at least 2 characters

Get full access for you and your coworkers

Start a free company trial today

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

!
Newsletter terms

Front page now

Further reading

Foto: Bhp/Reuters/Ritzau Scanpix

Peter Twiss resigns as CEO of Oldendorff

For subscribers