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.
Petroleum services company Kaefer Energy is cutting at least 100 jobs in Stavanger, Norway. The restructuring is a response to the declining trend in the Norwegian petroleum sector. Kaefer Energy is mainly involved in maintenance and modification, where cuts have been largest.
Several other companies in the Norwegian petroleum services industry are also restructuring. According to Teknisk Ukeblad, the total number of job reductions in the industry is 3524, per September 25. DNB estimates the figure to be 4300 jobs.
Leif Sande, leader of Industri Energi, the largest union in the Norwegian petroleum sector, says the industry is experiencing problems that are affecting many. He calls for a reversal of the stricter taxation on oil companies, in order to increase stability.
Eurofound (2014), Kaefer Energy, Internal restructuring in Norway, factsheet number 77604, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77604.