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.
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06 - Extraction of crude petroleum and natural gas
1,500 - 2,500 jobs Number of planned job losses
Announcement Date
20 March 2007
Employment effect (start)
1 October 2007
Foreseen end date
1 April 2008
Description
On 18th December 2006, it was announced the merger of Norway's state-owned oil company Statoil and the oil and natural-gas division of Norsk Hydro (also partly state-owned companies) with the loss of up to 2,500 white collar jobs. Together with the unions, the company implemented a merger plan within onshore offices throughout 2007, amongst others with the aim of reducing the workforce as of 1st October 2007. The job losses were implemented through voluntary early retirement for employees aged 58 years and older (with pensions equal to 70% of the wage). Around 1,500 of the 1,700 who were eligible for early retirement retired. The number of temporary workers and consultants were also reduced. In 2008, the second phase of the integration would be carried through in the offshore installations and onshore industrial plants.
Sources
20 March 2007: Stavanger Aftenblad
28 December 2007: Stavanger Aftenblad
Citation
Eurofound (2007), StatoilHydro, Merger/Acquisition in Norway, factsheet number 67371, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67371.
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