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Media: Offshore carriers ditch Equinor contracts

Equinor pays so little to offshore shipping companies that some of them prefer to have their ships berthed rather than working for the partially state-owned oil company, says the industry. The matter will now be addressed politically in Norway.

Photo: Equinor

The oil downturn that began in 2014 has eased its grip on large parts of the Norwegian oil sector, and the newfound optimism is reflected in the results of players such as Equinor, which booked a profit of USD 7.5 billion last year, corresponding to an increase of 64 percent compared to the previous year.

However, several subcontractors are now criticizing Equinor, claiming the oil major is exploiting its dominant position in the market to force prices down to such an extent that it becomes difficult for the subcontractors to run a viable business, report several Norwegian media.

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