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.
Mining / Quarrying Mining And Quarrying Mining Support Service Activities 09.10 - Support activities for petroleum and natural gas extraction
229 jobs Number of planned job losses
Announcement Date
24 June 2015
Employment effect (start)
1 August 2015
Foreseen end date
31 August 2015
Description
COSL Drilling Europe will dismiss 209 Norwegian employees offshore and 20 employees onshore, as Statoil terminates its contract for drilling rig COSL Pioneer. The contract was set to expire in August 2016, but is terminated ahead of time. CSOL Pioneer, which has been docked since October 2014, was planned to start work for Statoil from 1. August this year. in December 2014, 700 of COSLs Norwegian employees agreed to a 10 percent wage cut , in order to avoid dismissals. The company has now discussed the situation with union representatives, and has come to the conclusion that dismissals can no longer be avoided. Severance packages will not be offered.
Sources
24 June 2015: COSL Drilling Europe
24 June 2015: Stavanger Aftenblad
24 June 2015: Offshore.no
Citation
Eurofound (2015), COSL Drilling Europe, Internal restructuring in Norway, factsheet number 84040, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/84040.
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