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.
Oilfield services company, Archer, has announced that it is to cut 425 jobs from its UK operations. 135 jobs have already been lost and a further 290 onshore and offshore jobs will be cut in the coming months. The majority of the jobs which will close are based in Aberdeen. The company has decided to reduce its global headcount by 1,000 (approximately 11% of the workforce) following a downturn in demand for its products and services. Rising costs and falling prices for oil have made the market more competitive and in addition to the job cuts the company is also reviewing its payment structures.
Eurofound (2015), Archer, Internal restructuring in United Kingdom, factsheet number 78654, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78654.