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.
Construction Construction Of Buildings And Infrastructure Engineering Civil Engineering 42 - Civil engineering
274 jobs Number of planned job losses
Announcement Date
27 May 2015
Employment effect (start)
1 September 2015
Foreseen end date
31 March 2016
Description
Subsea engineering, construction and services company, Subsea 7, has announced a cost reduction programme that will result in the loss of 274 jobs in France (out of a total workforce of about 1,000 employees). This restructuring is part of a worldwide restructuring that is deemed necessary in the face of difficult economic conditions in the oil and gas market. It is envisaged that the overall reduction in the global workforce would be of approximately 2,500 by early 2016, down from the 13,000 reported at the end of 2014. In France, the management said that they will avoid forced dismissals and seek to implement the cuts through voluntary departures, internal and external mobility.
Sources
27 May 2015: Le Figaro
12 May 2015: Subsea 7 (Press release)
Citation
Eurofound (2015), Subsea 7, Internal restructuring in France, factsheet number 83631, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83631.
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