National Oilwell Varco Inc. (NYSE: NOV) will cut its Norwegian workforce by another 520 people after low oil prices resulted in fewer orders, the company said in a statement on April 22.
The latest round of cuts will reduce the Houston-based oilfield equipment maker and service provider's staff in Norway to less than 2,000, down from almost 5,000 at the height of the oil industry's boom two years ago.
"The uncertain market situation means that we cannot say how extensive the downsizing process will be in the long run," the company said.
The cuts announced on April 22 were all permanent jobs, the company added.
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