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Statoil decides against Europe

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LNG Industry,

Statoil has announced the company’s decision not to proceed with the evaluations of a potential business centre in Europe. The decision was presented at a meeting with employee representatives on 11 March 2016, which saw agreement on the notion that further efficiency improvements and cost reductions were needed, and that the employee representatives and management must continue their efforts to identify other actions to achieve this.

“Our industry is currently facing a very demanding situation. Substantial, lasting cost reductions are therefore needed. There is a joint understanding of this by the company and the employee representatives. We have agreed to intensify our efforts to identify other measures that will enable us to achieve additional rationalisation and cost reductions,” commented Statoil’s Chief Financial Officer (CFO), Hans Jakob Hegge.

In November 2015 the company began investigating the basis for a business centre outside Norway to cut costs. The evaluations were part of the efforts to increase Statoil’s competitiveness. Selected services within business support and procurement were in scope for this centre.

“The evaluations have been thorough, and after an overall evaluation we choose not to progress this work. We must therefore identify other measures to reduce the level of costs. Management and employee representatives share a common goal of strengthening the company’s competitiveness and profitability,” commented Hegge.

Edited from press release by

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