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.
Professional Services Scientific, Architectural And Engineering Technical Activities Architectural And Engineering Activities; Technical Testing And Analysis 71.12 - Engineering activities and related technical consultancy
6,000 jobs Number of planned job losses
Announcement Date
6 July 2015
Employment effect (start)
1 August 2015
Foreseen end date
31 July 2016
Description
Technip, a world leader in project management, engineering and construction for the energy industry, has announced a plan to cut its global workforce by approximately 6,000 positions.
The restructuring will accelerate cost reduction and efficiency in response to the downturn in the oil and gas market. "Employees will be informed and employee representatives consulted in due time on a local basis", highlights Technips' press release.
There is no information about the countries affected, but management has mentioned to cut jobs in "some European countries, in Asia, in South-America as in Brazil". The restructuring plan targets savings of €830 million, of which €700 million to be delivered in 2016 and the balance in 2017.
In its press release, the group explains this restructuring by "the sharp fall in oil prices has had a substantial impact on clients’ behaviour, national and international oil companies alike: new projects continue to be deferred as clients assess their investment priorities in a durably changed oil price environment; on occasion there appears to be irrational behaviour in bidding on some of the projects that are being sanctioned; negotiations have been protracted on contract changes and variations, in particular on Onshore/Offshore projects, where some discussions are now even stopped and will find their resolution through a legal process."
Sources
6 July 2015: Les Echos
7 July 2015: L'usine Nouvelle
6 July 2015: Technip (Press release)
Citation
Eurofound (2015), Technip, Internal restructuring in World, factsheet number 83944, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83944.
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