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 and gas drilling services company Weatherford is reducing its staff in Sandnes, Norway, by 100 employees. Weatherford Norway, with 530 employees in Sandnes, will be dismissing 50 to 60 of its permanent employees. In addition, hired and temporary employees will also be let go, adding up to a total reduction of 100 jobs. The restructuring process will be completed before this summer.
The restructuring is part of a larger effort to reduce costs within the company, resulting in around 7,000 job cuts worldwide.
The employees were informed of the decision on 12 March. Union representatives were taken by surprise by the announcement, although they had been aware about the company’s difficult financial situation. Early pensions, severance packages and help for reemployment will be offered to some employees.
Eurofound (2014), Weatherford Norge, Internal restructuring in Norway, factsheet number 76708, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76708.
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