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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.

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.

Furthermore the company will continue to review the level of salaries, bonuses and other benefits, so they can be "in line with the current economic climate", as they say.

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