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 Mining Support Service Activities 09.1 - Support activities for petroleum and natural gas extraction
2,500 jobs Number of planned job losses
Announcement Date
12 May 2015
Employment effect (start)
1 June 2015
Foreseen end date
31 March 2016
Description
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.
Sources
12 May 2015: The Daily Record
12 May 2015: NewsinEnglish.no
12 May 2015: Subsea 7 (Press release)
Citation
Eurofound (2015), Subsea 7, Internal restructuring in World, factsheet number 83632, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83632.
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