Conoco Phillips announces 200 staff dismissals in Norway

The US oil company moves to downsize its personnel stationed in Tananger, Norway, by 20 percent.

Photo: conocophilips

Friday morning, employees at US oil company Conoco Phillips' Norwegian unit received notice of a coming lay-off round.

During the company's digital annual general meeting, Conoco Phillips Managing Director Norway Steinar Våge informed of significant impending cost reductions, including cutting back on the number of onshore staff, reports Norwegian media E24.

In Norway, roughly 950 employees working at the main domestic office in Tananger will reportedly be affected.

"Onshore staff are as of today offered the chance to apply for severance packages. The reason for this is that Conoco Phillips has evaluated various measures to reduce expenses. The objective is to reduce the number of personnel by approximately 20 percent," says Conoco Phillips Communications Director Elisabeth Fiveland, E24 writes citing compatriot media Aftenbladet.

The company has also initiated a global savings program, with Fiveland saying Norway isn't alone in seeing job cuts.

Severance packages will weigh age and seniority as criteria for compensation levels. The current offer is valid until late summer this year.

English Edit: Daniel Frank Christensen

Norwegian government proposes policy to maintain fossil fuel extraction  

Norway's oil sector reports readiness for big investment 



More from EnergyWatch

The 'new' Seadrill estimated to be worth USD 1.2bn

SEB evaluates that the recently restructured Seadrill will have a fair equity value of about USD 1.2bn. Since the news of the restructuring broke over the weekend, the Seadrill stock price has only plummeted.

Higher revenue didn't save Subsea 7 from bottom-line loss

Subsea 7 increased its revenue with 59 percent compared to 2020, however, it was not enough to keep the balance sheet in the black on the bottom line. The offshore company states that delays and Covid-19 impacted business in the second quarter.

Equinor continues advance in Q2

After a year of seeing deficits in several quarters, Equinor now maintains the fine form the company came into during the first quarter 2021.

Further reading

Related articles

Trial banner

Latest News

See all jobs