National Oilwell Varco hints at more layoffs

More layoffs could be in store for National Oilwell Varco in spite of the fact that the Norwegian oil company has already fired almost 3,200 employees in 14 months. CEO Frode Jensen warns against believing that the hard times are over, reports Dagens Næringsliv.

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Norwegian oil company National Oilwell Varco has laid off close to 3,200 workers over the past 14 months but more pink slips are presumed to be on their way, writes Norwegian daily Dagens Næringsliv.

Senior management at the company has no good news for the sector. Frode Jensen, who took over as CEO of National Oilwell Varco in August this year, tells Dagens Næringsliv that he "was highly committed to not generating any unrealistic optimism."

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