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.
Subsea systems fabricator Agility Subsea Fabrication is cutting its staff in Norway by 100 employees. Agility Subsea Fabrication currently has 285 employees in Norway; 110 in Skien and 175 Tønsberg. The company has struggled to secure new contracts and has decided to temporarily move all production to Tønsberg for 1,5 years, starting April 2017, in an effort to save costs. Simultaneously, 100 jobs will be cut. According to CEO Tove Nilsen Ljungquist, the reduction in staff corresponds to the reduction in physical production capacity. The cuts will not only affect employees in Skien, as the seniority principle will be applied in the restructuring and some employees will be offered to relocate to Tønsberg. The fall in crude oil prices which has led to cuts in most of the Norwegian petroleum sector is only now making a real impact on Agility Subsea Fabrication, as older contracts expire.
Eurofound (2016), Agility Subsea Fabrication, Internal restructuring in Norway, factsheet number 89422, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/89422.
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