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.
The Nederlandse Aardolie Maatschappij (NAM), responsible for the exploration and extraction of Dutch natural gas, announced 200 job cuts.
NAM suffered from falling gas prices. In addition, the company anticipates the expected shutdown the extraction of Dutch natural gas. The Dutch government is expected to decide on the gas extraction shutdown after several earthquakes in the province of Groningen led to serious damages. Therefore, around 200 permanent employees are to lose their job.
The reorganisation was already expected since the company stated that a reorganisation in 2021 was likely. Moreover, the company already predicted another reorganisation in 2022. According to the company, stepwise restructuring is the best way to deal with these significant changes in the company's structure.
Overall, NAM forecasts to keep around 1,400 employees, of which about 1,000 are permanently employed. NAM is a joint venture of Shell and ExxonMobil and was established in 1947 to explore the Dutch oil and natural gas resources. This news follows 500 layoffs in October 2020.
Eurofound (2021), NAM, Internal restructuring in Netherlands, factsheet number 103508, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103508.
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