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.
Aibel, a service provider to the Norwegian offshore oil and gas industry, has since March 2014 announced reductions amounting to 1000 of its own employees, and as many external consultants. The restructuring has been announced in four rounds. The first round affected 230 employees and was reported by the ERM in March. The second round of dismissals was made known to employees in Bergen and Sandsli on September 2, affecting 250. The third round of restructuring was announced to employees in Haugesund on October 1, where 230 employees recieved dismissals in October. On October 27, Aibel announced a fourth round of restructuring, affecting 290 employees in Stavanger, Haugesund, Stjørdal and Asker. The latest round affects mostly engineers and management.
In total, Aibel has cut 1000 regular employees in Norway in 2014. In addition, Aibel has also reduced its use of external consultants, with cuts amounting to around 1000 hired consultants this year. Most of the consultants were working in Norway, formally employed in other companies and hired by Aibel. Aibel is working to secure new contracts in order to avoid additional downsizing. On November 3, it secured a major contract which could make for a future downward adjustment of the number of job cuts.
The restructuring is a response to the declining trend in the Norwegian petroleum sector. Several other companies in the Norwegian petroleum services industry are also restructuring. According to Teknisk Ukeblad, the total number of job reductions in the industry was 3524, per September 25. DNB estimated the figure to 4300 jobs.
Eurofound (2014), Aibel, Internal restructuring in Norway, factsheet number 77602, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77602.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
