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.
Norwegian oil company Statoil and has announced 1100-1500 cuts by 2016. The cuts will affect permanent employees. In addition, 525 hired consultants will lose their long-term contracts with the company. The restructuring plans were first announced at the beginning of 2014 and several rounds of restructuring have been announced since then
The company has recently already cut its staff by 1340 permanent employees and 995 hired consultants, and additional future cuts were also planned before the latest announcement. According to Statoil, all the cuts have so far been accomplished by ending contracts, internal relocation, natural wastage, early pensions and severance packages. The company states that direct dismissals will be avoided as far as possible also in the upcoming restructuring process.
At least 15.000 jobs have been cut in the Norwegian petroleum sector since 2013. Statoil’s restructuring contributes heavily to these cuts, as its supplier companies are also heavily affected. Statistics Norway has estimated that as many as 30.000 jobs directly related to petroleum investment activity may be cut before 2018. The driving factor is the lower price of crude oil.
Eurofound (2015), Statoil, Internal restructuring in Norway, factsheet number 83771, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/83771.
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