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.
Subsea 7 who provide engineering support for the oil and gas industry, have announced that they are to cut 430 jobs from their UK workforce. It is understood that the majority of the jobs to be lost will come from the Aberdeen site. The decision has been taken following a prolonged period of difficulty within the oil and gas sector. The UK job cuts are part of a larger programme of job reductions which are scheduled to take place across the worldwide workforce - 1,200 jobs out of 9,200 are set to be lost. Consultation has started with workers in both UK and Norway about the restructure. The exact timeframe of the job losses is yet to be announced but it is expected to begin before the end of this year.
Eurofound (2016), Subsea 7, Internal restructuring in United Kingdom, factsheet number 88093, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88093.