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.
NOV, a Norwegian drilling equipment manufacturer, announced 900 jobs cuts among permanent employees and 600 job cuts among contractors. The reason for downsizing are the major changes in the market situation over the past year, with reduced investment and reduced sales of new equipment. The company envisages a social plan for workers made redundant.
The Norwegian part of the company is a subsidiary of National Oilwell Varco, headquartered in Houston in the state of Texas, USA. Globally, the company has over 60,000 employees worldwide. The company supplies drilling equipment for both onshore rigs and offshore installations, as well as services such as pipe inspection.
Update 27/08/2015:NOV reduced its workforce by around 475 positions in Kristiansand, 235 positions in Stavanger , 70 positions in Oslo and 120 positions in Molde. The management did not exclude that the company may have to undergo further downsizing.
Update 7/10/2015: the company announced a further round of redundancies involving 60-70 job cuts.
Eurofound (2015), National Oilwell Varco Norway, Internal restructuring in Norway, factsheet number 88993, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88993.