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.
Oil drilling company Seadrill, is planning to lay off up to 400 employees in its staffing subsidiary Seadrill Norway Crew, as two riggs operating in Norwegian waters will be ending their current missons. The rig "West Bollestad" is finishing its drilling programme and its contract with Lundin Petroleum is ending, while the rig "West Hercules" will be sent to Canada with a reduced Norwegian staff aboard. All affected employees will have a three month period of notice, starting from alate december. An early pension incentive has been put in place for employees over 60, offering six months full pay without obligation to work. Local union leader Kenneth Drageide describes the situation as sad and regrettable, adding that there is ongoing dialogue between management and the union to take care of affected employees. The union also plans to arrange a course in February to help affected employees with CV and application writing.
Seadrill has struggled financially for years and it is on its way out of a period of temporary bankruptcy protection.
Eurofound (2021), Seadrill Norway Crew, Bankruptcy in Norway, factsheet number 106137, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106137.