ABB to sell off its oil and gas division in Norway

Nov 20, 2002 01:00 AM

The Swedish/Swiss industrial concern ABB is to sell off its oil and gas division in Norway, following a reported loss of SOK 1.7 in the 3rd quarter. More than 6,000 employees are working for ABB in Norway, most of them at several shipyards along the coast.
One of these is the ABB Haugesund offshore yard with 1,400 employees. ABB Offshore Systems in Kristiansund has 120 employees.

CEO and chairman of the ABB board, Juergen Dorman says the group intends to sell off its oil and gas division within 12 months, and that the number of divisions will be reduced from five to three, in order to cut costs and improve efficiency.

Source: The Norway Post
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