The world's largest rig company Transocean, which is headquartered in Switzerland, is now firing a large number of employees in Norway after the company's rigs, Transocean Spitsbergen and Transocean Searcher, failed to land new contracts.

The round of layoffs will hit 250 workers in Transocean's Norwegian department, and this constitutes almost a fourth of all of the company's employees in Norway, according to the Norwegian newspaper Dagens Næringsliv.