Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The American multinational oil and gas company ConocoPhillips is cutting 200 out of 950 jobs at the head office in Tananger, Stavanger, Norway. The job cuts were set out in a plan to reduce costs announced on 11 June, and are to be implemented by 2022. Parts of the opperations will be outsourced to an external actor.
Management at the firm attributes the decision to the need to remain competitive in the face of expected production revenues. The employees were informed about the job reduction plan in a digital meeting. Shortly after the meeting, the company sent an open offer for severance packages to all employees at the head office. Age and seniority will be criteria for how much the employees can reach in the severance packages. The offer is open until after the summer holidays.
Union representative Eirik Birkeland in Industri Energi (Industry Energy), which is part of the Norwegian Confederation of Trade Unions LO, does not agree with the way the staff reduction target is set, and states that the union will not accept redundancies before the goal of 200 is reached through severance packages. Since March, the union has been informed regularly about the staff reduction plans.
In addition to the job cuts onshore, ConocoPhillips has launched the cost reduction plan Ekofisk 2030+ for offshore operations at the Ekofisk plant, which includes streamlining, outsourcing and plans for staff reduction over time. The union has expressed their concerns to the company's management of the many restructuring processes that are taking place at the same time, as well as their concerns that there will eventually be involuntary dismissals.
ConocoPhillips recently celebrated 50 years of production at the Ekofisk plant outside of Tananger. The company headquarters are based in Texas, USA, and have operations in 17 countries worldwide.
Eurofound (2021), ConocoPhillips, Internal restructuring in Norway, factsheet number 104955, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/104955.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
The more employee monitoring resembles surveillance – with its systematic, continuous and detailed tracking of employees' activities, behaviours or communications – the greater the potential for infringement of both privacy and data protection rights. Although the EU General Data Protection...
Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
