Layoffs in the Norwegian oil sector seem far from over. Current developments in the market for rigs, which are seeing their contracts expire one after the other, or with contracts being flat-out canceled by the oil companies ahead of time, will result in severe consequences for the employees, according to Norwegian media Aftenbladet.no.

A total of more than 11,000 Norwegian offshore workers could lose their job in the coming years. According to analysts Fearnley Offshore, 37 floating rigs are currently deployed on the Norwegian Continental Shelf, and eight of these will see contracts expire this year, while another 13 will go off contract before mid-2016. In late 2017, 32 rigs in total will have completed their current contracts - and the market is not overflowing with new contracts. Rather the opposite.