DN: Statoil has spent four billion kroner on severance packages

Equinor headquartersEquinor headquarters.Photo. Norway Today Media

Statoil has spent four billion kroner over the last three years to retire employees early, writes Dagens Næringsliv. The company has dismissed every fifth employee.

– In 2016, we spent USD 140 million on early retirement and severance packages, of which about 70 percent were related to early retirement, says Information Director Bård Glad Pedersen in Statoil.

Previously Statoil has spent a total of three billion kroner, thus the total sum is up to four billion kroner for early retirement. Severance packages according to Dagens Næringsliv are in addition, and the sum can end up being a half billion kroner.

Entrepreneur Ståle Kyllingstad, founder and investor of IKM reacts to Statoil spending so much money on the dismissal of employees.

It is too much money to spend on severance packages, also in Statoil. This is a systematic waste of money with Statoil and the government’s money, he said.

Pedersen says that it has been necessary in order to carry out the restructuring.

We have carried out a substantial annual cost savings of USD 3.2 billion.


Source: NTB scanpix / Norway Today