Fredriksen's Archer announces more layoffs after loss

John Fredriksen-controlled oil service company Archer suffered a major deficit in the second quarter. The company will lay off another 300 employees.

Oil service company Archer, in which John "Big Wolf" Fredriksen owns a controlling stake, was - like the industry in general - hit hard by the low oil price in the second quarter of the year.

This resulted in a massive deficit and large-scale layoffs, according to the company's second quarter interim report, published Friday.

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

Daewoo Shipbuilding makes deal with conglomerate on conditional sale

Shipbuilding group DSME has signed a memorandum of understanding with conglomerate Hanwha Group about a sale of Korea Development Bank’s 50-percent equity position, according to a news agency. The state-owned bank has previously stated that the yard ought to be sold quickly. Updated.

Further reading

Related articles

Latest news

See all jobs