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 09.10 - Support activities for petroleum and natural gas extraction
4,000 - 5,000 jobs Number of planned job losses
Announcement Date
1 February 2015
Employment effect (start)
1 January 2015
Foreseen end date
30 June 2015
Description
Wood Group, a provider of support services to the oil industry, has announced that it has reduced its headcount by 13 per cent over the first six months of 2015.
According to press reports, this amounts to job losses of 4000 to 5000, out of a global workforce of 41,000. Approximately 1,000 jobs were lost in the UK 3,000 in the US and 1,000 in the Middle East. The cuts are assumed to have affected temporary contractors rather than full-time employees. The job losses were announced in February. They reflect challenging conditions in the oil and gas markets, which have affected demand for Wood Group's services.
Sources
18 August 2015: BBC News
16 August 2015: Financial Times
18 August 2015: Wood Group press release
Citation
Eurofound (2015), Wood Group, Internal restructuring in World, factsheet number 84660, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/84660.
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