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.
Shipping company Simon Møkster is taking three of its offshore supply vessels out of service in Norwegian waters, leaving 70 employees redundant.
Platform supply ships Stil Odin and Stril Myster will be docked, while Stril Mermaid is offshored to the Faroe Islands. Employees were informed about the decision at the company's headquarters in Stavanger on Monday 11 May. The process of selecting employees for dismissal was scheduled to start shortly after. The employees will not be offered severance packages. Union representative Olav Berge says many employees are hit hard by the decision, but he acknowledges that the market situation is very challenging and that the company has tried to retain its employees as long as possible. The decision is influenced by the drop in crude oil prices and the subsequent decline in activity on the Norwegian continental shelf. Over the past months, Norwegian offshore shipping companies have announced staff reductions amounting to a total of 600 jobs.
Eurofound (2015), Simon Møkster Shipping, Internal restructuring in Norway, factsheet number 83685, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83685.