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.
OneSubsea, which delivers subsea processing systems to the petroleum industry, is set to cut up to 200 employees in Norway, mainly in Bergen. OneSubsea has headquarters in Houston, Texas, and about 900 employees in Norway. The declining level of activity in the petroleum sector following the fall in crude prices and reduced investement in petroleum extraction on the Norwegian continental shelf has affected the petroleum services market heavily. The restructuring is a response to this market situation, with a lack of new projects. Most of the affected employees will be located in the Bergen area. The exact number of employees to be dismissed is yet to be determined, but will be 'up to 200' according to the company's management. It is not yet determined whether all employees will be directly dismissed or if some will be offered severance packages. Temporary dismissals may also be used. Additional cuts are not ruled out, but dependent on the market situation next year.
Eurofound (2015), OneSubsea Processing, Internal restructuring in Norway, factsheet number 85170, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/85170.
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