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Norway oil industry to face 40,000 job cuts out of 250,000 nationwide

OSLO: Joergen Langaunet started as a project planner at offshore engineer Aker Solutions ASA in 2012, he worked a lot of overtime. Norway’s oil industry, so rich it spawned the world’s largest sovereign wealth fund, was booming. Then last year, he realized he was spending most of his time in the lunch room: His services weren’t needed. In September, as ... Read More »

ConocoPhillips cancels $2.1 billion Tommeliten Alpha gas and condensate project

OSLO: Oil major ConocoPhillips has decided to cancel its 17 billion crown ($2.1 billion) Tommeliten Alpha gas and condensate development in the Norwegian sector of the North Sea, Stavanger Aftenblad reported. Discovered in 1977 and dormant for decades, the licence decided in 2014 to tie Tommeliten Alpha into the Ekofisk complex, the Norwegian Petroleum Directorate said earlier. They were expected ... Read More »

Norwegian shipping firm registers in Bermuda at cost $300 million

OSLO:  Norwegian shipping group has become the latest Bermuda shipping company to list its shares on the Oslo Stock Exchange after announcing the closing of a deal valued at approximately US$300 million. Marcello Ausenda, a director in the corporate department in the Bermuda office of Conyers Dill & Pearman, said: “We have advised a number of Bermuda company issuers on ... Read More »

New royal Norwegian Embassy office inaugurated at Bonifacio Global City

OSLO: The new royal Norwegian Embassy office was officially inaugurated, in its new location at the 12th Floor of the DelRosarioLaw centre at Bonifacio Global City, Taguig. Ambassador Erik Førner, Deputy Director General Nils Martin Gunneng of the Norwegian Ministry of Foreign Affairs and co-owner of the DelRosarioLaw Centre Atty. Ruben del Rosario took part in the cutting of ribbon ... Read More »

Norwegian pipeline gas exports touch 333 mcm/day, production capacity reduces by 5.7 mcm/day

OSLO: Norwegian gas exports to Europe eased on Wednesday morning on a drop in flows to France, partly offset by higher deliveries to Germany, data from gas system operator Gassco showed. Pipeline flows from Norway to Europe were running at 333 million cubic metres (mcm) per day by 0750 GMT compared to a winter peak of 357 mcm/day hit in ... Read More »

Norway Cruise Line Holdings posts $338 million profit in 2014

OSLO: Norway Cruise Line Holdings posted stronger earnings in 2014, buoyed in part by ticket sales, onboard revenue and the addition of a new ship. The Miami-based cruise operator generated net income of $338 million, or $1.62 per share, last year, compared with $102 million, or 49 cents a share, in the prior year. Frank Del Rio, president/CEO of Miami-based ... Read More »

Norwegian stashed $300m in secret Swiss bank account

OSLO: A single client associated with Norway had $293.4m parked in a Swiss bank account with the international banking giant HSBC, new ‘Swiss Leaks’ data has revealed, more than all the other Norwegian clients with secret accounts at the bank combined. The Washington-based International Consortium of Investigative Journalists (ICIJ), along with an international coalition of newspapers, on Sunday published a ... Read More »

Norway $860b wealth fund faces diminishing returns due to low bond yields

OSLO: Norway’s wealth fund, the world’s largest, faces diminishing returns due to low bond yields and should reduce its fixed income portfolio in favour of real assets, its central bank governor said. The $860 billion fund, built up from oil and gas income, is now worth twice as much as Norway’s non-oil gross domestic product. But measured in relation to ... Read More »

Norwegian pipeline gas exports touch 323mcm/day to Europe

OSLO: Norwegian exports of natural gas to Europe rose on Monday from last Friday on higher deliveries to Germany while flows to Britain remained broadly steady, data from gas system operator Gassco showed. Total pipeline flows from Norway to Europe were running at 323 mcm/day by 0900 GMT, below this winter’s peak of 357 mcm hit on Feb. 12. Deliveries ... Read More »

Norway oil company to pay $2 million settlement to avoid legal action

OSLO: A Norwegian oil company that illegally operated a well on federal property in North Dakota has agreed to pay a nearly $2 million settlement to avoid legal action, federal prosecutors announced. Authorities say the well was drilled about two weeks after Statoil Oil & Gas Services Inc. acquired Brigham Oil & Gas L.P., which had originally planned the facility. ... Read More »

Norway oil & gas companies expect spending to drop 12% in 2015

OSLO: Norway’s oil and gas companies expect spending to drop 12% this year after reaching an all-time high in 2014, an official survey showed Thursday, as plunging oil prices compound an expected slowdown after years of double-digit growth. In 2015, oil companies operating in Norway, the world’s 10th-largest oil exporter, expect to invest 189.05 billion Norwegian kroner ($24.34 billion) in ... Read More »

New Norway tax rule to replace zero-tax band on first £5,000 of savings interest

OSLO: A million savers need to register to pay no tax on their savings interest when changes to the tax system come in next month. The rule where you pay 10 per cent on your first £2,880 of savings interest – as long as your total income is below a certain level – will disappear in the new tax year. ... Read More »

Norway exports salmon worth NOK 3.3b in February, shows increase of 2% Y0Y

OSLO: Norway exported salmon worth NOK 3.3 billion in February, an increase of 2% year-on-year, according to figures from the Norwegian Seafood Council (NSC). The rate of the volume increase was ahead of the value, however, as prices are down y-o-y. In February, 73,250 metric tons of salmon were exported from Norway, up 11%. “While we are seeing strong growth ... Read More »

Hydro wants to invest NOK 4b in new technology for eco-friendly production of aluminum

OSLO: Hydro wants to invest NOK 4 billion in a new technology that will enable a much more eco-friendly production of aluminum. Next to the oil and gas industry, this is the largest investment in Norwegian mainland industry in a decade. Hydro, a global supplier of aluminum, plans to build a new production facility at Karmøy, in the southwestern part ... Read More »

Norwegian energy provider Statoil awards Mariner field projects to Asco UK Limited

OSLO: Norwegian energy provider Statoil (U.K.) Limited on behalf of the Mariner co-venturers awarded the contracts for supply base and warehousing services for the Mariner field to Asco UK Limited. Asco is an international oilfield support services company, headquartered in Aberdeen. The  supply base and warehousing facility for Mariner will be operated  by  Asco  from Peterhead, north of Aberdeen. The ... Read More »

Norwegian Air pilot strike led to cancellations of domestic flights

OSLO: Norwegian Air, Europe’s third-biggest budget airline, led to some cancellations of domestic flights on Sunday, but long-haul routes to the US and Asia were operating as normal, the airline said. The strike, which started on Saturday after wage talks with the airline broke down, involves 70 pilots. The number of those striking could go up to 650 from Wednesday ... Read More »

Norway to cut emissions of global warming gases by 40% till 2030

OSLO: Norway will cut its emissions of global warming gases by at least 40 percent by 2030, aligning itself with the target set by the European Union, the government said Wednesday. The 40-percent reduction, compared to 1990 levels, will be Norway’s pledge to the U.N. climate agreement that’s supposed to be adopted in December in Paris, government officials said. The ... Read More »

Norway tax authorities chase carried interest payments by private equity firms

OSLO: Norwegian tax authorities are focused on the way Norwegian private equity firms structured their carried interest payments. A common private equity structure in Norway is that the management of the private equity firm owns shares in the fund or directly in the underlying portfolio company, through a private limited liability investment company. Carried interest for the management is connected ... Read More »

NCC Construction Norway to construct Abels Hus office property in Trondheim in SEK295 million

OSLO: NCC Construction Norway has been commissioned to construct the Abels Hus office property in Trondheim, Norway, for the property developer, KLP Eiendom. The order is worth SEK 295 million. The Abels Hus project represents the fourth of five phases in the expansion of Trondheim’s technology village. Abels Hus will be a flexible office property with a high environmental standard. ... Read More »

Norway seafood exports touch NOK 5.4m in Jan 2014, shows 8% decrease against Jan 2013

OSLO: Norway exported seafood worth NOK 5.4 billion ($72 million) in January, a decrease of NOK 457m, or 8% compared to January 2014. In spite of the decrease, the Norwegian Seafood Council (NSC) defined Norwegian export levels in January as “well above normal for this month”. This month’s decline is linked to the comparison with record figures at the start ... Read More »