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Danish oil service company fires every tenth worker

The Danish part of the US oil service company NOV, previously NKT Flexibles, has fired almost every tenth employee. The reason is the decline of the oil price and 73 people in total have been laid off.

The oil service company NOV Flexibles, with Danish headquarters in the city of Brøndby, has fired almost 10 percent of its workers. According to the company, which is the former NKT Flexibles, the layoffs are due to the decline in the oil price over the past year.

"The oil price over a period of the last 12 months has fallen from a steady level of USD 100 per barrel crude oil to a level of USD 50-60 per barrel due to global changes in supply and demand for crude oil and natural gas. This has caused a large number of oil companies to slow down planned investments in new offshore and gas field developments, which has also meant a significant decline in the order intake at National Oilwell Varco Denmark I/S, headquartered in Brøndby and with production in Kalundborg," writes NOV in a press release.

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