Noreco cuts jobs to reduce costs (Norway)

Noreco Norway AS, a subsidiary of Norwegian Energy Company ASA, has announced significant redundancies, as part of an overall cost reduction plan.

Namely, the company is seeking to limit capital commitments over all and exploration activities in particular. Significant reduction in staff and costs is necessary to align the organisation and cost base with the activities of the company going forward.

According to Noreco, the number of employees will be reduced from the current 30 by approximately 50 per cent.

The company explained that the cost cutting initiatives will result in a minimum of 50 per cent reduction in the G&A monthly run rate compared to the beginning of the year.

Noreco also announced today the sale of its interest in the Norwegian shelf licenses PL274 and PL 274 CS.

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply