Internal restructuring
Location of affected unit(s)
France, Norway, UK
Mining / Quarrying
Mining And Quarrying
Mining Support Service Activities
09.1 - Support activities for petroleum and natural gas extraction

2,500 jobs
Number of planned job losses
Job loss
Announcement Date
12 May 2015
Employment effect (start)
1 June 2015
Foreseen end date
31 March 2016


Subsea engineering, construction and services company, Subsea 7, has announced a cost reduction programme with a  reduction in the global workforce of approximately 2,500 position by early 2016, down from the 13,000 reported at the end of 2014. This restructuring is deemed necessary in the face of difficult economic conditions in the oil and gas market. The company has started consultation with employees and employee representatives in Norway and the UK. It is pending in France. Subsea 7 will reduce its fleet by up to 11 vessels, "not only to adapt to present market challenges but also to maintain our competitiveness and the long-term viability of our business", according to the CEO.


  • 12 May 2015: The Daily Record
  • 12 May 2015: NewsinEnglish.no
  • 12 May 2015: Subsea 7 (Press release)


Eurofound (2015), Subsea 7, Internal restructuring in World, factsheet number 83632, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83632.