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 DeepOcean in Haugesund, Norway, is reducing its staff from 270 to 230-240 employees. Falling oil prices and reduced demand from oil companies entails reduced activity in 2015. DeepOcean thus has to downsize this year, after having expanded from 160 employees in 2011 to 270 at the beginning of 2015. All parts of the company, except the sales division, will be affected. The restructuring includes both a capacity reduction in Norway and the North Sea, as well as reorganization from the current dual management teams, one in Norway and one in the UK, to one team in Norway.
The management met with employees and union representatives shortly after the announcement. The aim was to ensure a thorough yet swift restructuring process.
Eurofound (2015), DeepOcean, Internal restructuring in Norway, factsheet number 78773, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78773.