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 Kongsberg Oil & Gas Technologies is reducing its staff in Norway by 90 permanent employees, mostly at its headquarters in Asker. This round of restructuring comes in addition to several previous adjustments and natural wastage which has reduced the company's staff. Including the recently announced cuts, the number of jobs cut since May 2014 will be 215. The fall in crude prices and difficult market situation in the petroleum sector is the main reason for the restructuring. The company decided to opt for permanent dismissals rather than temporary dismissals, as they expect that the future contract situation will dictate a smaller staff. The cuts will be completed by the end of the year.
Eurofound (2015), Kongsberg Oil & Gas Technologies, Internal restructuring in Norway, factsheet number 84242, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/84242.