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Statoil warns of new cost reductions

This fall the Norwegian oil company will be ready with another cost reduction initiative, set to be implemented after 2016. It is still to soon to say whether this will result in additional layoffs, says the company's COO after a historical round of layoffs on Tuesday.

Photo: Harald Pettersen/Statoil

As if Tuesday's announcement that 2,000 employees would be laid off at Norwegian Statoil, the company on Wednesday announced a new round of cost reductions for 2017, according to Norwegian media Stavanger Aftenblad.

Yesterday the company informed that it plans to lay off between 1,100 and 1,500 full-time employees before the end of 2016, along with 525 consultants, but now COO Anders Opedal explains that the company will look into further cost reductions as early as this fall.

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