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.
Schlumberger, the world’s largest provider of oilfield services, is to cut an additional 11,000 jobs worldwide. These cuts come in addition to cuts of 9,000 jobs announced in January 2015. This will reduce the company’s workforce by 15 per cent relative to the 4th quarter of 2014. The cuts come in response to falling profits, which the company has blamed on falling crude prices and the resulting decline in extraction activities. Schlumberger employs 115,000 workers in over 85 countries. As of 18 May 2015, there was no information on which countries would be most affected and when the job losses will occur. However, Schlumberger’s announced the reductions in activity would be concentrated in Latin America, Europe, Sub-Saharan Africa, and Asia.
Eurofound (2015), Schlumberger, Internal restructuring in World, factsheet number 83086, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83086.