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.
Seadrill, a Norwegian offshore drilling company, has announced layoffs affecting over 100 employees following the completion of the contract for its rig, West Phoenix. The rig is currently docked at Hanøytangen near Bergen while awaiting a new contract. These cuts follow several rounds of downsizing since 2014. The job losses primarily affect offshore workers, though the company has indicated that additional jobs onshore may also be impacted.
The layoffs include both permanent dismissals and potential temporary layoffs if a new contract is secured. Trade unions, particularly SAFE (Association of Trade Unions in the Energy Sector), have expressed concerns, calling for alternative solutions to avoid further job cuts, including the possibility of transferring employees to other operations. Dismissals were issued about two weeks before the announcement was made, after around 20 employees had accepted severance packages. Voluntary severance packages including early retirement options were offered to all employees over age 60, and with "some flexibility" to those approaching 60.
Seadrill is a global player in offshore drilling, employing thousands of workers worldwide and operating in several countries. The company has been facing financial and operational challenges in recent years, leading to multiple rounds of restructuring, last recorded in the ERM database in 2021, with 400 jobs cut (Seadrill Norway Crew -2021-NOSeadrill Norway Crew -2021-NO).
Eurofound (2024), Seadrill, Internal restructuring in Norway, factsheet number 201577, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201577.