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.
Odfjell Drilling is reducing the staff in its technology division by 60 to 80 employees as a result of declining demand for offshore drilling services in Norway. The division has 250 employees. Cuts will be made mostly in Bergen, some in Stavanger.
The petroleum sector in Norway is experiencing declining activity, with about 5000 jobs cut in 2014. Oddfjell Drilling has awaited the situation for some time, but does not expect rising demand in the modification and maintenance market in the near future. This round of restructuring comes in addition to cuts amounting to 40 full time positions in Stjørdal, in the spring of 2014. Those affected in this round will not be offered severance packages, and there will be direct dismissals. Dismissals will be sent out in November. The company is now working to further reduce costs, but does not anticipate further staff reductions.
Eurofound (2014), Odfjell Drilling Technology, Internal restructuring in Norway, factsheet number 77787, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77787.