According to reports from Norwegian state TV channel NRK, Subsea 7 is set to downsize its Norwegian workforce by 100-150 workers due to project delays.

This is just the tip of the iceberg, with engineering and services group Bilfinger announcing the laying off of 600 people and Aibel and North Atlantic Drilling also letting go 250.

The Norwegian Petroleum Directorate has predicted that production beyond 2015 will be lower than expected on the NCS as investments in the oil industry fall after a peak this year. This has contributed to what the industry is calling "capital discipline".

Earlier this year, the directorate said it planned to receive 13 field development plans from oil companies this year, but has since revised that to zero.

"We don't expect to receive any plans before the end of the year," directorate CEO Bente Nyland told Reuters.

Subsea hardware provider Oceaneering has been reported to be letting go 20-30 workers, there is speculation that Halliburton is contemplating following the pack.

GE Oil & Gas, which has more than 1000 employees in Norway, is also set to make its decision on workforce reduction at a board meeting this month.

Other companies on the speculation mill include Aker Solutions, Odfjell Drilling, BakerHughes and Apply Sorco.