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.
Drilling contracting company North Atlantic Drilling will be reducing its staff in Norway by at least 250 employees. The affected employees are mainly located in Hordaland and Rogaland. Some are from Agder, Trøndelag or the North-West of Norway. The restructuring plans have been known for a few weeks, but the scale of the reductions announced now is larger than what the local union was originally led to believe and had hoped for. The management has refused to provide an exact number until all employees affected have recieved written notice, which will happen this week, but has stated that it will be more than the 250 first projected.
The reason for the restructuring is that the offshore drilling company has not been awarded any new contracts on the Norwegian continental shelf and has shipped rigs elsewhere. The leader of the local union says that prospects are bleak for the whole industry, and expects other drilling companies to be forced to restructure as well, over the coming year.
Eurofound (2014), North Atlantic Drilling, Internal restructuring in Norway, factsheet number 77590, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77590.
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