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.
Dolphin Drilling, a drilling contracting company in the offshore oil and gas industry, will dismiss 180 employees in Norway. The oil rig market is slowing, and one of Dolphin Drillings rigs, the "Bredford Dolphin" will be off contract at the end of the summer. 160 employees offshore and 20 employees on land will be dismissed.
The rig is currently working for oil company Lundin off the Norwegian coast near Florø, and will drill a well for the same company near Stavanger later this summer. After August/September, the rig does not have any new assignments and will be docked. This forces the company to dismissals. Dolphin Drilling has two other rigs in Norwegian waters, the «Borgland Dolphin» and «Bredford Dolphin», which both are on contract into 2017. The company expects the market to bounce back before then, but states that dismissals are unavoidable with the docking of Bredford Dolphin as temporary lay-offs are not an option for a period without contracts this long.
Eurofound (2015), Dolphin Drilling , Internal restructuring in Norway, factsheet number 79405, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79405.