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.
Wood Group is planning to cut 300 jobs from its onshore workforce. The oil services company will shortly start a consultation process with 1,000 at risk staff across various parts of the UK. The latest news is something of a surprise, given that the previous week the company had announced a new contract to provide services in Azerbaijan. A spokesperson for the RMT union stated that the announcement of 300 jobs losses was much higher than the union had expected. The latest cuts continue a recent trend of cutbacks in the oil industry and of job losses in the Wood Group, both in the UK and worldwide. It is not yet known when the job losses will take effect; any news in this regard will be released following the completion of the consultation period.
Eurofound (2016), Wood Group, Internal restructuring in United Kingdom, factsheet number 87452, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87452.