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.
Petromservice is the main provider of upstream and downstream services for the oil and gas industry in South East Europe. The company has a national coverage and is the sole provider of such services to Petrom, the largest oil production and refinery company in Romania. Petrom was privatised in 2004, and bought by Austrian group OMV. The new owner of Petrom concluded a new provision of service agreement with Petromservice, involving the gradual reduction of services over the next few years.
As a result of activity reduction, Petromservice announced it would make 5,000 employees redundant, in other words a quarter of the total 20,000 employees.
‘Petrom is downsizing its activity and has signed an agreement with Petromservice up to 2012, whose value is reduced by 25%. Redundancies will begin with 2006, and redundant employees will be receiving the same redundancy pay as Petrom personnel’, declared Sorin Mihai, general manager of Petromservice.
Eurofound (2005), Petromservice, Internal restructuring in Romania, factsheet number 62681, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/62681.
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