Statoil to cut up to 2,000 staff, consultants

[Omaha Steve]

Source: AP

STOCKHOLM (AP) — Norwegian oil and gas company Statoil says it will lay off up to 1,500 staff and 500 consultants by the end of 2016 to slash costs.

The state-controlled company said Tuesday the layoffs are a continuation of a cost-cutting program started in 2013, "well ahead of the current downturn" and the slump in the oil price.

Chief operating officer Anders Opedal called the reductions necessary "to strengthen Statoil's competitiveness and secure our value creation."

The program is designed to yield $1.7 billion in annual savings starting in 2016.

Read more: http://bigstory.ap.org/article/26de0dac8a62420886a8d51b0678c8da/statoil-cut-2000-staff-consultants

[alboe]

1. Interesting, thanks!