Statoil looking to trim costs further

Statoil's second quarter result finished above analysts' expectations, but was still far lower than last year. One-off items in particular boosted the company's bottom line. The Norwegian oil major will continue to cut costs, says CEO.

Photo: Statoil

Even though Statoil delivered a better result than expected by analysts for the second quarter, the state-owned Norwegian oil company will continue its efforts to reduce costs, increase efficiency and improve investment returns.

"Reduced underlying operational expenses both on the Norwegian continental shelf (NCS) and in our international operations, as well as reduced capital expenditures, demonstrate that our initiatives are effective. In June we announced adjustments to the company’s structure and operating model to further strengthen our competitiveness," says CEO Eldar Sætre in relation to the group's interim report on Tuesday.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

One alternative fuel may be particularly dangerous

In a new study – which Maersk, Shell, Euronav and MSC Ship Management, among others, are behind – the new alternative fuels are ranked based on how dangerous they are. The industry has to be careful with one of them, in particular.

Further reading

Related articles

Latest news

See all jobs