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.
EnQuest, the UK-based oil and gas exploration and production company is going to cut 530 jobs in its North Sea offshore production sites.
The planned dismissals will affect, in particular, the production field of Alma/Galia, where the activities will cease in the second half of 2020, and those of Heather and Thistle/Deveron, where is no planned to restart oil/gas extraction.
A spokesperson for the company has referred to the job cuts as “decisive, early action”, which was necessary to reduce costs following the decrease in demand for oil caused by the COVID-19 crisis and falling oil prices.
EnQuest will give rise to a six-week collective consultation with employees in order to prepare the internal restructuring. Nautilus International, the trade union representing maritime professionals, has issued a statement expressing its deep concern at the scale of job losses in the North Sea oil sector and urged the UK Government to intervene and protect jobs.
EnQuest was formed in 2010 by a partnership between Petrofac and Lundin Petroleum. It has operations in the UK North Sea and in Malaysia.
Eurofound (2020), EnQuest, Internal restructuring in United Kingdom, factsheet number 100916, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100916.