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 - Extraction of crude petroleum and natural gas
425 jobs Number of planned job losses
Announcement Date
24 February 2015
Employment effect (start)
Foreseen end date
Description
Oilfield services company, Archer, has announced that it is to cut 425 jobs from its UK operations. 135 jobs have already been lost and a further 290 onshore and offshore jobs will be cut in the coming months. The majority of the jobs which will close are based in Aberdeen. The company has decided to reduce its global headcount by 1,000 (approximately 11% of the workforce) following a downturn in demand for its products and services. Rising costs and falling prices for oil have made the market more competitive and in addition to the job cuts the company is also reviewing its payment structures.
Sources
24 February 2015: BBC Website
Citation
Eurofound (2015), Archer, Internal restructuring in United Kingdom, factsheet number 78654, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78654.
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