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.
As a consequence of the merger of the two oilfield services companies Aker Solutions and Kværner, 350 jobs will be cut in the administration of the 'new' Aker Solutions. The majority of these cuts will be in Norway. The company will try to provide alternative work internally in the organisation for those affected, and states that it is too early to provide a number of direct dismissals.
The merger was first announced in July, along with a plan for continued cost cuts and staff reductions in both companies, with a target of 30% cost recuction (approximately €150 million). Cost cuts were started in both companies as a consequence of the drop in oil prices and following the COVID-19 pandemic.
Staff reductions in other areas of the company have already been made and more are expected. The merger plan implies a total reduction in staff numbers from 18,800 in 2019 to around 15,000.
Eurofound (2020), Aker Solutions, Merger/Acquisition in Norway, factsheet number 102597, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102597.
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