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 BP has announced plans to cut 160 contracted and permanent employees in Norway. 20-30 permanent employees will be dismissed, while 130-140 consultants will not have their contracts renewed.
BPs management has informed employees of the ongoing process in January and February meetings. A restructuring process has been going on for some time and a three week window to apply for severance packages has recently ended. The number of employees that applied is not high enough, meaning that the company will resort to other job reduction measures, including dismissals. The positions to be cut are both administrative staff and operations. The process is planned to be completed by the end of May.
Low oil prices and a need to cut costs are the main reasons for the restructuring.
BP is one of many companies in the Norwegian petroleum sector currently undergoing restructuring processes. A recent report from DNB Markets estimates that 15,000 jobs have been cut in the Norwegian petroleum sector over the past six months, and further cuts are expected.
Eurofound (2015), BP Norge, Internal restructuring in Norway, factsheet number 79271, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79271.