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.
Oil drilling contractor Odjfell Drilling is cutting costs, and 60 of its 600 onshore jobs in Norway.
In March 2015, Odfjell Drilling offered severance packages to all 600 of its employees working on land in Norway. 70 applied, and 60 were granted severance packages. This means that 10 percent of the employees in Norway will be leaving the company in the near future. In addition to the three-month dismissal time, these packages include additional salary for one to six months, depending on seniority. Severance packages are not offered to employees outside Norway.
Odfjell drilling is set to cut costs by 30 percent, and expects further job cuts in addition to this round of restructuring.
The company has also made job cuts during the past year. Odfjell Drilling announced a reduction of 40 employees at its office in Stjørdal in April 2014. A reduction of 60-80 engineers in Stavanger and Bergen was announced in October 2014. At the same time, it was planned to dismiss 45 employees working on upgrading the Snorre A oil platform, but the company later found a way to retain these 45 employees.
Odfjell Drlling is an international company with about 3,000 employees in total.
Eurofound (2015), Odfjell Drilling, Internal restructuring in Norway, factsheet number 79242, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/79242.
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