The oil and gas service sector, which makes it living servicing oil companies in the offshore industry, is hit hard by the massive investment slowdown and budget cuts caused by the low oil price - and Norwegian subcontractors dependent on North Sea work seem to be hit especially hard.
As such, Norway's state-owned oil behemoth Statoil brings good news to the sector today as the company has awarded key supplier contracts and so-called competition framework agreements for modifications and maintenance. The key supplier contracts are worth a total USD 2.76 billion and have been awarded to a series of Norwegian subcontractors, according to a press release issued Tuesday.
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