Statoil awards billion dollar maintenance contracts

Good news for the hard-pressed Norwegian oil and gas service sector as oil major Statoil has agreements for maintenance contracts totaling billions of dollars to a series of Norwegian subcontractors.

by DANIEL LOGAN

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.

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