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.
Oil company Taqa has announced plans to cut 100 jobs from its North Sea operations. The company is based in Aberdeen, centre of the UK's oil industry, and currently has a workforce of 550. A consultation process has begun to determine where the cuts will be made, but it is understood that the company are looking to cut onshore positions. A spokesperson for the company confirmed that the process would take several weeks. The oil industry has been suffering the effects of declining prices for its product and Taqa have suggested that the cuts are required in order to maintain the sustainability of the business. Taqa's response has been mirrored by competitors who have also announced job cuts.
Eurofound (2015), Taqa, Internal restructuring in United Kingdom, factsheet number 79201, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79201.