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.

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