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.
Petroleum services company Subsea 7 has announced a reduction of its staff in Norway by 100-150 employees. At the time of the annonucement the company had started the restructuring process and is in dialogue with the unions, but it was still too early to say where the cuts will be made. The restructuring is a result of declining demand from the large oil companies following postponement of major projects. Several other companies in the petroleum services industry are also restructuring, after a steep decline in investments in the Norwegian petroleum sector.
Subsea 7 is also restructuring in other countries. Siginificant cuts have been made in Brasil, and the company is also evaluation its operations in other countries, such as France.
Update: The restructuring process was completed by mid December 2014. The company's headquarters in Stavanger saw the biggest reductions, with 108 employees made redundant. Staff reductions were made also in Oslo, Kristiansund and Vigra. The total number of job reductions ended up just below 150. All affected were offered severance packages. The unions were all consulted in meeting with the management, and expressed satisfaction with the way the process was conducted.
Eurofound (2014), Subsea 7 Norway, Internal restructuring in Norway, factsheet number 77593, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77593.
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