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 Aker Solutions is to cut a total of 150 out of 423 jobs at its site in Ågotnes, Norway. The cuts are due to a persistent challenging situation for the subsea services industry. The job cuts will affect employees offshore and at the office. 'There are persistently challenging times for the subsea services industry, and we experience overcapacity due to less work, strong competition and price pressure in the market', explains the company's chief of communication.
Aker Solutions has conducted several rounds of restructuring at Ågotnes in recent years (see previous cases, Aker Solutions 2017 NO, Aker Solutions 2015), and in the overall company (see cases Aker Solutions 2015, Aker Solutions 2014). Aker Solutions also hired employees in other departments during the last year (see previous cases Aker Solutions 2018 Jan, Aker Solutions 2018 April). Theshop steward from Industry Energy says that they thought times were better, but that it apparently takes more time to build up the subsea service industry than previously thought. The department had 950 employees in 2014, and this fall there might only be 273 left. The shop steward is relieved that the cuts have not been more severe, and expresses hopes for next spring. At the same time, he expresses concerns about how this cut will affect recruitment of new students to the industry considering that future prospects for the industry are still uncertain.
Eurofound (2018), Aker Solutions, Internal restructuring in Norway, factsheet number 94819, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/94819.