OSLO (Reuters) – Norwegian oil workers could end their 10-day strike later on Friday if a set of new proposals from the oil industry proves satisfactory, the head of the Lederne trade union told Reuters.

Oil firms and union officials were meeting on Friday with a state-appointed mediator to try to end the strike, which threatens to cut output from western Europe’s biggest oil and gas producer by some 25%.

The Norwegian Oil and Gas Association (NOG), which is leading negotiations on behalf of companies, was not immediately available for comment.

Six offshore fields shut on Monday and a further seven are scheduled to halt operations in the coming days. The oil and gas outage is set to grow to 966,000 barrels of oil equivalent per day (boed) by Oct. 14, according to the NOG.

“We are getting a new proposal from the NOG, and I hope that we can have a deal today,” Lederne leader Audun Ingvartsen told Reuters.

He did not disclose the contents of the proposal, which he said would take some time to review.

Lederne wants to match the pay and conditions of workers at onshore remote control rooms with offshore workers, as well as higher wage rises this year than proposed by oil companies.

Friday’s meeting is the first with the state mediator since the strike was announced on Sept. 30, although informal talks have been taking place.

The strike has helped support oil prices this week, with benchmark Brent crude

rising sharply. At 1150 GMT, it was trading down, however, at $43.02.

Gas prices, which also rose earlier in the week, also traded lower.

Norwegian oil workers are among the highest paid in Europe but earn less than those in Australia or North America, a review of the latest available data shows.

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Norwegian Cruise Line (NYSE:NCLH) and its cruise brethren are among the most repudiated names against the novel coronavirus backdrop, but there are signs the stormiest seas could be behind Norwegian Cruise Line stock.

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An 8% gain for the week ending Sept. 30 is a starting point, but there’s plenty more work to be done. Although NCLH stock more than doubled off its March lows, it needs to more than triple to reclaim its pre-pandemic highs.

In the essence of full disclosure, I’m not the biggest fan of cruises or the related equities, but my bias doesn’t belong here. What’s more important is that Wall Street is warming to this downtrodden industry.

Some analysts use the phrase “inflection point” regarding the cruise industry, implying that while the road ahead won’t be bump-free for Norwegian and friends, operators are getting further and further removed from the March/April brink and are positioned to benefit as consumer spending and travel patterns normalize.

NCLH Stock Has Near-Term Catalysts

On the final trading day of September, Norwegian Cruise Line stock jumped 3.3% on above-average volume after reports surfaced that the White House stood in the way of the Centers for Disease Control and Prevention extending in a big way a no-sail order keeping cruise ships docked.

That directive expired on Sept. 30 and CDC Director Robert Redfield reportedly wanted to extend it to February 2021, but the Trump Administration apparently said “No, take an extension to Oct. 31 and like it.” Extending the no-sail order to the end of October isn’t material to Norwegian and its rivals because the operators already agreed to not sail from domestic ports next month.


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“We believe cruise executives will be meeting with White House officials