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.
Oil company Wood Group has announced plans to cut 90 jobs from its workforce at the Sullom Voe oil terminal on Shetland. The move comes after a sharp fall in the price of oil. Wood Group has confirmed that it has entered into consultation on 90 of its 250 jobs. Other companies operating at Sullom Voe have also announced plans to shed jobs. Oil which was previously processed at the terminal is now being processed in Rotterdam, though a long term solution has not been decided. The time frame for the job losses is not being reported but it is expected that the jobs will go before the winter when the terminal's processing capacity falls in any case.
Eurofound (2015), Wood Group, Internal restructuring in United Kingdom, factsheet number 85160, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85160.