Statoil has abandoned plans for a new head office in Stavanger, the company said today.
A Statoil spokesman told Reuters that the company’s existing office, which it leases from Colony Capital, was big enough.
Statoil unveiled plans for a new base in 2014, but since then the oil price has been cut in half and about 3,000 employees have been let go by the company.
“At that time we expected the need for office space to increase, but today the existing offices meet our needs,” Statoil spokesman Morten Eek said, Reuters reported.
The company’s UK unit moved into a new office in Kingswells in spring 2016.
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