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New cancellations of USD 1 billion hit Norwegian offshore

The Norwegian offshore industry takes yet another blow as US-owned National Oilwell Varco Norway has been hit with canceled contracts in Brazil worth USD 1.1 billion, the company announces in a corporate statement.

Photo: Tullow Oil

Norwegian oil service company National Oilwell Varco Norway (NOV) has had orders terminated for drilling equipment in Brazil. The new cancellations thus reduce the company's order backlog by USD 1.1 billion, according to a press release from the company's US parent company, stock-listed National Oilwell Varco, headquartered in Houston.

The statement notes that the Norwegian subsidiary has received terminations for a total of seven contracts on drilling equipment for drilling vessels from companies Estaleiro Atlantico Sul S.A. and EAS International Inc.

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