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.
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06.1 - Extraction of crude petroleum
1,100 - 1,400 jobs Number of planned job losses
Announcement Date
15 June 2014
Employment effect (start)
1 July 2014
Foreseen end date
1 January 2016
Description
Norwegian oil company Statoil is currently restructuring, and has announced that an additional 1100-1400 positions will be cut by 2016. The restructuring plans were first announced at the start of 2014 (see fact sheet 26355) and the company has already cut 1200 positions in IT, finance and facility management this year - 300 more than the originally foreseen maximum number of job reductions. The additional 1100-1400 job cuts will be accomplished by contracts ending, internal relocations, early pensions and severance packages, avoiding direct dismissals as far as possible. The background for the restructuring is that Statoil's return on capital has shrunk while costs have gone up.
Union representatives are displeased with the recent announcement of additional cuts, asking where the process will end and expressing that the load of bad management decisions is being placed on the employees.
Sources
25 July 2014: Offshore.no
17 June 2014: Dagens Næringslic
Citation
Eurofound (2014), Statoil, Internal restructuring in Norway, factsheet number 77382, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77382.
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